The only reason I can see Live being better is because it allows SPACING in usernames, and does not force you to use underscores, and faster download speeds... Neither of which really make a different in anything.
PSN has free gaming, and free tv episodes, and much better sales. Also, PSN never canceled it's PSOne classics. I don't do very much of any downloading from PSN, and when I do, I let it background download, and play it whenever. Faster download speed vs. price..... I'd rather go with free online. I haven't logged into live in 13 months.