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Obviously you have to reach, but the 360's chatpad has the buttons in the middle of the bottom grips, which are much closer to the thumbs and analog sticks. The PS3 chat pad is on TOP, which is where no thumbs ever usually go.

I'd have to say, at $50, you may as well get an awesome wireless keyboard and use it and still have been less than the cost of the PS3 Keypad.