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It depends what's important to you.

For games, as much as it pains me to say it, the 360 is probably a better choice at this point. By the time the PS3 really has enough to offer over it (if it ever happens) the price will probably be low enough that it won't be the kind of decision you'll need to consider this carefully.

For movies, definitely the PS3. Netflix's selection of streaming HD content is pretty weak compared to what you can get on Blu-ray. (going through my queue) there are 41 Blu-ray movies, of which only 12 are online-playable, and they're only the older/independent releases - absolutely zero of them are recent popular movies. Considering this is pretty much everything I want to see at this point that I know of, I'd probably have watched every online-playable HD movie already within the space of a month, and be left with nothing else. Besides, it's not like there's some huge turn-around time with Netflix - I don't know how well HD streaming works but you may end up not getting the movie any faster if you have to download it ahead of time, and electricity ain't free either.

So, the 360 has a slight edge in games, and the PS3 has a much larger edge in movies.