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The way I see it, if these two services were free, I would prefer XBOX Live.  It seems to be more integrated into the platform, has better communication options and the Rep, Matchmaking system and reporting system are all significantly better on Live.  Additionally, the inclusion of a mic/headset in every 360 ensures a level or participation that is unmatched on the PSN.

IF they both cost to participate, I'd select Xbox Live for the reasons listed above.

So in my opinion, the ONLY reason you can compare the two is because for the core functionality of playing on-line, one is free and one cost.  Otherwise, I dont think this would really even be close.