I would get it. I got a 360 a little while back, and its been great. With LBP coming out I am sort of wishing I got a PS3, but I love Banjo alot and Nuts and Bolts looks pretty good so I think 360 was a good choice for me.
Do you have an HDTV? If you don't, I wouldn't get a PS3 or 360. PS3 has Blu Ray and HD games which is great, but if you don't have an HDTV, you get OK looking games... not worth $400.
Some games I recomend:
relativly inexpensive
Heavenly Sword
burnout paradise
devil may cry 4
Uncharted Drakes fortune
Resistance: fall of man
Elder Scrolls: Oblivion
Rachet and Clank Future: Tools of Destruction
Motorstorm
Warhawk
be sure to download fat princess off of PSN, it looks great!
other good games that cost alot
Metal Gear Solid 4
GTA4
Little Big Planet
Disgaea 3
Valkeryie of the Battlefiled (or whatever it's called- the sweet looking sega made SRPG coming exclusivly for PS3 this fall)
Resistance 2 and Motorstorm Pacific Rift and Socom should also be fun.