For 360:
1. Cheaper (Especially if you wait a month) EDIT!!! SEE BELOW!!!
2. More online dl options
3. More RPG's, if you're into that genre
4. More games overall
5. Can play online with your cousin
For PS3:
1. Better value. When you add Bluray player and that you don't have to pay for online or the possible need for a wifi connector, it becomes an overall better value.
2. Can play PS1/2 games IF you buy the current 80gb model for $500.
3. Proven to be a better quality machine.
4. Controller comes with Li-on batteries and charging solution. 360's is extra $$.
5. Better variety of exclusive games vs MS' shooter only essentially.
Well there you have it in a nutshell. If you decide on a 360, for the love of god, don't get impatient and wait until next month for the price cut.
EDIT: Define cheaper 360 based on probably price cut in September.
PS3 80gb NOW since you want to play PS1/2 games = $500.
360 Elite after price cut = $400 + play/charge kit $20 + Live $50 = $470. Then if you need the wifi adapter +$100 = $570.
Basically, to get a similarly optioned system, the 360 Elite costs more and does not have Bluray. However, the new 60gb premium would be $30 less with the wireless or $130 less if you can use the LAN.
