IMO the main differences are first of all that this is the PS3's first Christmas in Europe (the 360 had two at that point of availability), the original XBox rests in peace (one analyst estimated 90% of the 360 userbase owns or owned the original XBox), while the PS2 last week still outsold the 360.
The 360 was praised and overhyped by the US press for its worldwide sales and its alledged greatness, the PS3 had to face an uphill battle against avalanches of misinformation and FUD.
The PS3's most anticipated games are actually still under development. 2008 looks to become a very nice year for the PS3 and the years after this even better. The 360's line-up is honestly not as impressive by a long shot, likewise isn't the built quality, reliability, feature set and hardware potential.
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