I would say buy a 360 and wait a little and buy a PS3 when the price drop. :)
The PS3 is certainly a nice piece of hardware doh, and now its looking better and better for games, LBP is great as well as MGS4, and well R2 but not my taste, now has trophies online is free but doesn't feel as complete as live, if you want a blu-ray player this is the choice for you. You'll have to buy a HDMI cable to play in HD.
The 360 has Gears, Halo, Mass effect, forza2 if you like racing sims, the PGR series, better online but you have to pay, still have to buy the wireless adaptor if you need it, I personally better like the controller and the graphics in some games looks better, I think GTA4 looks better on the 360, not sure and achievements.
It all depends on what games you want to play and what you want to do with the console.
Edit: Oh yeah forgot about Fable2, with that being said I think the 360 has the best games overall than the PS3, they have better shooters, better racing games and RPG's are better.
My favorite games for this gen:
1. Gears of War 2. MGS4 3. Killzone 2 4. Halo 3(Underated by many) 5. Mass Effect
