Both seem good games to me.
But Killzone 2 feels far meatier to me. Halo 3 sports a short repetitive campaign, so the online is very important, but you and your gaming friends need to pay extra to play online together and Killzone 2's online feels more interesting to me.
IMO graphically Killzone 2 wins hands down with its greatly animated bloody varied death sequences and better lighting. Halo 3 feels a lot like earlier Halo games and Killzone 2 far more unique and Halo 3 feels more like a game geared toward teens.
So Killzone 2 easily for me.