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Tough one but illl say XBOX 360. I own a PS3 as well but pretty much play my 360 much more. Reasons include:

1. Xbox Live - Cream of the crop in terms of online gaming for consoles. Enjoying COD4 and Halo 3 right now. I personally feel that the PS3 wont be able to compete with MS when it comes to online gaming (even with Home), they simply have the infastructure and endless resources to supplement any cost. In addition, they charge for their service allowing for dedicated servers and a vast amount of content.

2. Huge Library of Great Games - 2006 Game of the Year, 2007 Game of the Year and a boatload of amazing games. Im not taking anything away for from the PS3 or Wii, but the 360 has at least 1 great game in every single genre imaginable. I think MS has done a really good job creating a good foundation of games to build off of. For example:

FPS- Halo
Strategy - Halo Wars, Uni at War
Action - Ninja Gaiden, Gears of War
Action RPG - Too Human, Fable 2, Mass Effect
RPG - Blue Dragon, Lost Oddessy, Infinite Undiscovery
etc etc.

3. New Franchises - Personally, I like seeing new things when it comes to games. For example, the FF series I stopped playing after 8, MGS I stoped playing after 2, Halo 3 I only play for the multi-player etc. MS has secured some great titles that are considered to be killer apps like Gears, Mass Effect, BioShock, TooHuman, Alan Wake, etc and they are all new. For me, I look forward to trying new things and all these games in my opinion keep the game industry feeling fresh.

4. Multiplayer Games - I think every EA Sport game is better on the 360. I bought Madden 08 for the PS3 and couldnt return it after I played it. Games tend to run really slow and for sports games that sucks. Seeing that the EA sports games are among some of the games I play with friends the most, it is frustrating that the PS3 cant compare to the 360's gameplay.

Thats basically my mean reasons. I do love my PS3, I do play Warhawk a fair bit and will probably pick up MGS4 cause of the hype but all in all I feel the 360 is a better all around console. I do think the graphics are better on the PS3 for its 1st party games and do like the Blu-Ray.