Okay.
I have both.
Guitar Hero 3 Guitars work with;
Guitar Hero 3.
Guitar Hero: Aerosmith
Guitar Hero: World Tour
Guitar Hero: Metallica
Rock Band 2
Guitar Hero: World Tour Guitars work with;
Guitar Hero 3.
Guitar Hero: Aerosmith
Guitar Hero: World Tour
Guitar Hero: Metallica
Rock Band 2
Rock Band 1&2 Guitars Work with;
Rock Band
Rock Band 2
All Rock Band tracks packs
Guitar Hero Drums works with;
Guitar Hero: World Tour
Guitar Hero: Metallica
Rock Band 2
Rock Band Drums works with;
Rock Band
Rock Band 2
All Rock Band tracks packs
Guitar Hero mic works with;
Everything.
Rock Band mic works with;
Everything.
I heavily prefer Rock Band over guitar hero, but that's a matter of taste.
I own all of lastgen systems as of October 2008. (Finally got a Dreamcast)
I own every currentgen system except PS3.