Advantages for PS3 over 360:
- Larger library of exclusive games
- Currently selling more so has better potential for future exclusives
- Less chance of a hardware failure
- Blu-ray compatible
- Has greater theoretical computing power
- Larger hard-drives so more downloadable content can be used
- Free online gaming
Advantages for 360 over PS3:
- Cheaper
- Smaller
- Uses less power
- Larger library of all games
- Live still has more features than PSN (Achievements are a more robust system)
- Has greater practical computing power at present
- Larger install base so immediately upcoming games will likely be better on the 360 than on the PS3
- DirectX and .NET (XNA) support means there is likely to be more crossover with PC titles
- Windows tie-in means more compatibility with proprietary systems like Windows Media Center
