PS3
Blu-Ray Drive
Better media server abilities (you can put your videos directly on the drive rather than having to watch them off an external)
Free PSN
Motion-sensing abilities
Bigger default HDD (unless you go with Elite)
Hard-drive is upgradeable with 3rd party drives, thus upgrade is cheaper
MGS4
Don't have to wait for demos, etc. if you aren't a gold subscriber
Many games have dedicated servers for online play
Developers can fully utilize the HDD in games
No RROD
Wireless comes standard rather than costing $85-100 extra
Can download original PS1 titles (maybe PS2 titles, but still a rumor)
Better Japanese developer support
No lockouts on 3rd-party peripherals (keyboard, mouse, headset, etc.)
Home
Console is prettier :]
Comes with controller charger (not sure if 360 does or not...)
All controllers are wireless (but slightly more expensive)
BC supports a larger percentage of titles (on the 80 gig, 60 supports all, 40 supports none except PS1)
360
Slightly better online capabilities
Significantly better video download service (PSN will only have Sony Pictures to start)
Cheaper
Little to no install times
More titles and demos available on XBLA (including third-parties)
Better JRPG support (at least looking at currently released games)
Gears of War 2
Firmware updates are less troublesome (take less time to download)
More ability to monitor your friends (if you like to stalk them!)
Can download original Xbox Titles
All models have BC
Better western developer support
Controller has better shoulder buttons (worse bumper buttons though)
Optional HD-DVD attachment (not worth much now)
Comes with a headset (except Core)
Achievements
Comes with Component/HDMI cables default
All controllers have rumble
I've racked my brain pretty hard, and that is all I have come up with. I didn't get into who has a better first-party crew, but I think many will agree the first-party software chain goes like this: Nintendo>Sony>MS
MS mostly relies on 2nd-parties, which isn't a bad thing, cause they have some great 2nd-parties like Bungie, Rare, and Epic.
We had two bags of grass, seventy-five pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, a whole galaxy of multi-colored uppers, downers, screamers, laughers…Also a quart of tequila, a quart of rum, a case of beer, a pint of raw ether and two dozen amyls. The only thing that really worried me was the ether. There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge. –Raoul Duke
It is hard to shed anything but crocodile tears over White House speechwriter Patrick Buchanan's tragic analysis of the Nixon debacle. "It's like Sisyphus," he said. "We rolled the rock all the way up the mountain...and it rolled right back down on us...." Neither Sisyphus nor the commander of the Light Brigade nor Pat Buchanan had the time or any real inclination to question what they were doing...a martyr, to the bitter end, to a "flawed" cause and a narrow, atavistic concept of conservative politics that has done more damage to itself and the country in less than six years than its liberal enemies could have done in two or three decades. -Hunter S. Thompson