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Why not get both? No reason to miss out on the great exclusives each will have. But if you have to pick only one for now, then I'd think seriously about getting a PS3 now and the 360 later.

Reason: the PS3 has no reliability issues, and will have plenty of great games. Also, you may think you don't need BluRay. But if you have a quality HDTV, the PS3 is a topnotch video player as well as a game player, and the $399 model is close to the price of a 360 ($349).

The 360's hardware issues are quite real and well-documented. Hopefully they're fixing the problems, but you're more likely to get a reliable model if you wait a bit longer, until the holiday rush clears out all the old models.