Well as for me it was all about the games. I had the ps1..regretted not getting a ps2...and then once the ps3 was out, i looked forward to the BC since it would cover the ps2 games as well. but the price totally turned me off and so I was considering getting a 360.
anyway I waited around a little (school sucking up most of my time anyway so i didn't buy a console) and as the price of the ps3 started going down, features started going down as well...like bc. but in the end the reliability of the ps3 over the 360 was somewhat important (this expectance of systems breaking down this gen. is despicable..my sega genesis still plays sonic 2 just fine thank you very much and my nes plays super mario 3 just fine)
but most importantly I just compared the exclusives btwn the 360 and the ps3 and I just preferred the ps3 exclusives. mgs4, gow, uncharted, infamous, demon's souls, ratchet and future exclusives like the last guardian and heavy rain while the only 360 games that i will miss playing are gears, fable and mass effect