I don't know much about the 360, but I think Netflix is useless (in terms of using the 360) without live. So it's moot if you never intend to pay for live.
PS: I would prefer a PS3 and skip the 360, but honestly the 360 is more tempting. Good chance I will get neither until I get a HD TV. That said, it would be nice to watch netflix on our large SDTV instead of on the PC.