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Well I have both now. I was going through a war at the start of my current generation war.

I'll tell everyone what I did:

Xbox 360 traded it in for a 60GB PS3
60GB PS3 exchanged it for a Xbox 360 Elite
Xbox 360 Elite traded it in for a 80GB PS3

Then I finally bought a Xbox 360 Arcade separate for $280.

I perfer the Xbox 360 more than the PS3 just for the simple fact there are not that many games that garner my tastes on the PS3 and plus the Xbox 360 has more games and the achievements is so much nicer :D

I recently had a Gamecube and PS2 and was looking into getting a original Xbox so I can have all consoles from last generation. Then I realized that I wanted to focus more on this generation (X360, Wii, PS3) than rather focus on last generation (PS2, Xbox, Gamecube). So I gave away my PS2 and my sister now has 2 PS2 and a Gamecube.

I could care less about BC, I should of bought a 40GB, but I'm satisfied with my 80GB, it prevents me from buying another HDD, and besides I know Playstation Home will need some GB's if you know what I mean :)