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I've tried all three now so I would have to put it in this order:

  1. Xbox 360
  2. PS3
  3. PC

Xbox 360 Pros

  • Non-HD movies are still upscaled to 1080p (and I assume 720p)
  • No disc to worry about
  • Plays on my TV
  • Super quick and easy interface

Xbox 360 Cons

  • Only works if you have Live Gold

 

PS3 Pros

  • Plays on my TV
  • Good interface once you get use to it

PS3 Cons

  • Picking an episode from a season is a little hairy at first
  • movies don't upscale if they aren't HD
  • Always have to put in the disc to watch movies

 

PC Pros

  • Easiest way to search and add movies to your queue

PC cons

  • If I want to watch movies on my TV I have to fiddle with plugging my computer into my TV
  • I don't really enjoy watching movies on my laptop.

By far the 360 is the most enjoyable one for me.  Since I'm already paying for Gold, it has no real disadvantages for me.  The PS3 isn't bad, it's just I have to fiddle with a disc and it doesn't upscale.  If I had to do that with the 360 too then I wouldn't care, it's just if I have one that has these things and the other doesn't, I'm obviously going to pick the better of the two.

I've just always hated instant streaming on my PC.  I always use the PC to search and add things to my queue, but beyond that, I don't use it.  My laptop screen is too small to watch a movie when I have a fanvy 42" 1080p TV and I hate going through the trouble of connecting the laptop to my TV.  I didn't use instant streaming when PC was the only option.