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I would go for the PS3 ,in fact its what I did .

It has more features ,more multimedia capabilities ,Blu Ray ,Wifi ,HDD that can be used by developers unlike the 360 one because not standar ,motion sensing controller ,the pads dont need batteries ,web browser ,free online gaming ...

As for the games both machines are pretty even ...both have lots and lots of great games but I would say the PS3 has recently the upper edge.Maybe the 360 in metacritic still show more games with a high ranking but thats because they include all the old sports games and games as COD2 and GH2 when the superior sequels are out and in both plattforms.In practice ,in what you can buy right now and is in the shelves ,both are pretty even.

I would say that the main difference is the first party exclusives ,and there the PS3 has a definite advantage as the numerous Sony studios are churning out games much faster that the few MS studios left (Rare,Lionhead....little else,they have even lost Bungie and closes Ensemble go figure).

The 360 Arcade isnt really a match for the 80Gb PS3,it doesnt offer nearly the same kind of things.If you had to compare the PS3 and the 360 Elite I would say go with the PS3 ...the LBP pack for example.For a few quid more you get Wifi and the Blu Ray player and you more than make up for it with the free online .A better price-value relation and a better pick....I would only go for the 360 if you absolutely cant spend 400 right now but 300 and you dont care at all for multimedia capabilities ,wifi or BR .