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360

1. Exclusives:
JRPGs: Tales of Vesperia, Star Ocean 4, Lost Odyssey
WRPGs: Mass Effect, Fable
Shooters: Gears 1+2, Halo, Left 4 Dead

2. Usually better quality multiplatform games

3. Exclusive DLC GTA+Fallout

4. Cheaper (but online isn't free)

5. Latest models haven't seen much reliability issues

6. 80% backwards compatible with Xbox

7. Optional installs (not mandatory as on some PS3 games)


PS3

1. BluRay

2. Exclusives
Sony games: Uncharted, Killzone 2, Resistance 1+2, LBP, GT5 (!), Motorstorm, God of War
JRPGs: Valkyria Chronicles, WKC, Final Fantasy VS XIII
Metal Gear Solid 4

3. More reliable

4. Free online

5. No BC with PS2, but fully BC with PS1 (=JRPG heaven)

6. WiFi and wired internet connection standard (360 has no WiFi)