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PS3 is guaranteed to finish second place. PS3 will over take the 360 in total sales within a year.  

PS3 main pros are: superior hardware, free online gaming, Blu-Ray and multi-media capabilities, PS3 has more exclusive games than the XBox 360. 

PS3 main fails are: no custom music tracks, no cross game voice chat, severe bottleneck is PS3 memory use, hardware failure rates around 10%. 

360 main fails are: extremely high failure rates of hardware (Red ring of Death) between 35% and 55%, limitations of DVD format and having to pay for XBox Live multi-player games.