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-XBL wins hands down when it comes to features and streamlineyness (what's the proper word? Inquiring minds want to know, grammar nazis).
-XBLA's library is amazing.
-The yearly fee is crap. I still renew each year so why waste the energy to complain
-It's home to the FPS franchise Sony or Nintendo can never match.
-Irrelevant now but 360 single handily stopped this generation sucking for the first 2 years. Thanks Bill and Steve.

-Game installs. An excellent idea Sony haven't copied.

Games are the most important and exclusives differentiate the two. Its exclusive library fell behind the PS3's long ago, we get our bi-yearly Halo, Gears, and Fable now whereas 2005-2008 had more than that. I love those series but MS's stable is far behind Sony's. They have the GDP of most countries at their disposal to rival Sony's library but their tried and tested franchises & Kinect are what they're going for instead. For better library PS3 gets the nod. Blu-Ray's a plus. Graphics/power I guess are minor PS advantages on......4 games.