When it comes to driving in the snow -- it is the tires hands down. They make or break how well any vehicle will be able to perform.
The area I'm located in gets between 80 - 120 inches a snow each year. I've have had a FWD car with Blizzaks (or Alpin's / can't remember right now) that blew my brothers 4x4 F-150 away in the snow (him haveing all-season tires on). Obviously he has the better equipment to handle the snow, but if you can't get the tires to bite than 4x4 / awd / etc is pointless. I had a Lincoln Aviator and the first year I thought eh, it's awd and I can lock it on. I remember thinking that winter how awd was over rated for snow and what not. Following year I bought 4 Blizzaks -- Night and Day!!! By far the best combo (Aviator and Blizzaks) I've had for snow / ice driving; and I deal with it daily.

Again, it's really just matching up the equipment to what you have and what you want it to do. AWD and traction control should be great in the snow with it's technology -- but if the tires won't let the machine do it's job.. well, it's pointless and you're screwed.
Picked up my 06 CTTS today from the dealer.. had 4 wheels and tires in the back - and a brand new set of dedicated snow tires and wheels put on before I left the dealership. Tires are too important to screw around with - it's your safety.