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I asked my self the same question, and eventually went with the PS3. These were my reasons:

- PS2 compatability (my model is for all my games).
- A selection of exclusive titles I wanted (MGS, GT, R&C, WipEout, SingStar, and more).
- Multi-platforms that rocked.
- Almost all the games I wanted on 360 I could get for better on PC (and do).
- Bluray (the difference is remarkable for those with decent TVs; if you don't have one, you probably won't notice)
- Free online that works.
- Exceptional media-hub capabilities (and I use these a lot now).
- PSP compatability (being able to access my PS3 HDD from anywhere in the world with my PSP is pretty handy, especially for showing photos of my kids on the move, which other family members always want).
- Reliability.
- It looks cooler.

There were a bunch of other reasons, many minor (y'know: included wireless, familiarity with the controller and the XMB, no batteries, etc), but the above are the first that come to mind. The only bonus the 360 had to my eyes was its price, but that was irrelevant to me when compared to the many positives the PS3 brought to my home.

Now, a year later, and I don't regret my choice at all. Indeed, the new array of exclusives and the daily use the PS3 receives in my house only supports my choice further with each passing day. I really couldn't be happier with my PS3.

Sure, you will have different motivations and requirements, but I can only speak for myself, really. If you have any questions, feel free to ask.

:)