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Tough choice these days.

On the one hand, PS3 has shown it's hand in terms of exclusives we can expect in the near future, and it is a big hand: LBP, R2, KZ2, GoW3, GT5 etc

But having said that, 360 right now has the best games library (the only thing PS3 has to even make it a contest is MGS4, which is just one game). We don't know much about 360 in 2009, so it makes it hard to recommend a purchase based on future potential (which can be either the best or worst out of the 3, who knows).

Blu-ray shouldn't be a huge factor in deciding because it hasn't become the main media storage solution (yet). Blu-ray movies are great, but I've yet to come across a blu-ray movie that made me feel it was really worth it to drop the $50 most new released blu-ray movies cost (in AUD).

Multiplatform games: no contest here, 360 wins and wins easily. Why? well, for all the multiplatform games that has had the 360 as lead thus far (which is most) that have had a simulatenous release, the PS3 version has either been equal or terrible. On the other hand, the reverse situation (PS3 lead) the 360 has been equal or the difference has been so small, you'd be a fanboy if you brought it up.

Online: You pay for 360 but you don't for PS3. One thing you should know is, because the 360 install base is bigger, you'll find more people to play with on more games. But if you only play online for the blockbuster titles (like CoD4), then this is a non-issue. But PS3 online is free.

Most important factor in my opinion? assuming you plan to play online, it's which console your friends have. It's alot more fun to know you have people to play with online that you know, and for me, I'd pick the console all my friends were playing online with.

I won't give you a definitive answer, because which ever console I choose, no matter how valid the points for it I've made are, I'll be labelled a fanboy.