Since Blu-Ray is poised to become the next format for movie watching and is something most people will eventually own. Yes the PS3 on Blu-Ray alone wins from a value standpoint.
Add in free internet (When you're competitor makes you pay 50$/year for an XBL subscription), free features like Playstation Home, etc.
Toss in a WiFi adapter (Which WiFi is rapidly growing in homes) and the fact that it's primary competitor charges you 100$ for one.
PS3 is easily the better value and it's not even debatable.
With that being said, depending on your situation it might not be the console that you want. If you have no desire to play online, own an SD TV and don't have a quality PC and you won't have many or any of these things anytime in the forseeable future? You're probably better off buying a 360.
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