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I do both.
With trophies hunting on the PS3 I have started to play a lot more games than in the past and have been renting a lot of them
If the game is real good I will purchase it though.
I still purchase on day one what I consider to be AAA games though.
Any game that is decent and require a lot of time will be purchased instead of being rented too...

On the positive side this has made me play and enjoy games I never would have considered even looking at in the past because if I don't like a game I can just return it so I can take some risks and try games I don't know a lot about...

All in all I think I own 20 PS3 games or so and have rented like 8-9 so far ( but only started to rent 5 months ago and got the PS3 16 months ago).



PS3-Xbox360 gap : 1.5 millions and going up in PS3 favor !

PS3-Wii gap : 20 millions and going down !