Hmm.. I have both(used to have a wii too) I want to give my opinions, here we go. I'd say think of what you want first look at the exclusive lineup of each console thats the first thing to look at. Do look at PSN/XBLA as well.
Someone said 360 is better for sports, that's bull. All EA sports games as of 09 have very very little difference between versions. If anything PS3 has the sports edge right now with MLB the show exclusive to PS3.
Xbox 360 has better online service? Alot of 360 fans will say yes, but mainly all it has that PS3 doesn't is cross-game voice chat with friends, Right now PS3 only has text chat while in game, but future firmware updates could change that. They are very close to offering the same features.
360: $200 + (Hard drive: $100, Wifi $80, Online $40/yr, Charge kit(s) $20-50, Blu-ray Unavailable)
PS3: $400 + (Blu-ray, Wifi, Online, Plugtocharge: Free)
PS3: Pros:
-Blu-Ray movies, games(scratch resistant)
-Quiet
-Free Online, Built-in Wifi
-Six-axis (yea i know people bash it, but it's there, optional and a few games do use it well)
-Internet browsing.
-Home(if you want it it's there free of charge otherwise no need)
-Cheaper components (can use any laptop Sata HDD, any usb/bluetooth headset)
-Superior graphics on top Exclusives (MGS4, KZ2, GT5, GodofWar3, Uncharted)
-Most PSN games/DLC sharable with 5 PS3s. (Give your friends that own PS3s all the content you buy at no charge)
-If you have 1080p, much more support in games especially on PSN.
-PSP compatibility with remote play.
-Chrome finish with Sleek elegant design, on interface as well as console. (it looks nice)
Cons:
-Lowest Priced sku is expensive.
Xbox360: Pros:
-Slight graphical advantage on some multiplatform games. (Bioshock, PoP, Fallout3, other games that have it are usually low-profile games)
-In game custom soundtracks offered on all games (not just Sony 1st party)
-Cheaper entry price.
-Build your own custom Avatar (mii clone)
-headset (albeit cheap) included with pro-elite consoles.
-Video marketplace has more selection than PSN at the moment.
-Netflix streaming if you're a gold member and have a paid netflix account.
Cons:
-Noticeably louder when turned on than PS3 (with or without games being run via HDD) -this thing sounds like a pc.
-High failure rate on console in past. May still have high rate.
-Advertisements built into dashboard with or without gold (PS3 has no advertisements)
-Online, Wifi, HDD come as hidden charges to many (you will want a Hard drive if you plan on using it for more than one or two games)
If you're waiting on a PS3 price cut I'd say wait till E3(June 2nd) but keep an eye out for specials at retailers like best buy. Theres a lot of speculation that it will happen there (like it did 2 years ago) But no one really knows for sure Sony may keep it at $400, if it does happen a smaller 360 pro price cut will probably happen shortly after.
Consider yourself informed, make sure you look into the exclusive games on each platform.
