Considering the points in the OP.

And the fact we know what some of the motion games for PS3 will be...

I'd say the best choice for you is a PS3.

Don't even joke about that!

I was myself in a similar situation half a year ago. I did my research on the internet, as very few of my friends have any console. If you are deciding between Xbox and PS3, you should consider these questions to yourself:

1. Which console have more appealing exclusive lineup?
2. Can I use what PS3 has to offer to it's fullest? (Blue Ray, HDD, Integrated Wi-Fi)
3. Do I want to pay for online?

For me the dealbreaker were those exclusive titles. I picked PS3, because noone from the people I know has Xbox, I also known those famous franchises such as Metal Gear, Final Fantasy, God of War, Gran Turismo, Devil May Cry, yet I've never played them and they were all PS exclusive at that time. While on the other hand I knew Halo (played on PC, was lame compared to other PC shooters) and that was it... If I had to make that choice again, I'd go for PS3 without a second hesitation. The future is brighter on the PS side at this very moment.

Why did you even post this? This thread is only going to incite ignorance and misinformation, not debate and guidance. And you knew that's all it would do too..

I'm not going to tell you to buy one or the other cuz I'm not going to feed into this crap fest. I think this thread should be closed. This kind of thread is annoying as hell. What you should have done is PM'd a few of the more intelligent fanboys on either side and compared what, say, 3 of each fanboy had to say to what you feel like you want.

Great job making a thread you knew was going to start a flame war!

Wonderful, this post is made of art.

looking at the point sin your OP I would say the Playstation 3

honestly,it depends on what console you think has more favourable games...
personally id pick up a ps3 because i prefer the exclusives(MGS4,KILLZONE,UNCHARTED etc...) than (GEARS OF WAR,HALO,FABLE etc...).
Would use get xboxlive gold?Then a ps3 would be cheaper in the long run...
But most importantly it up to you

i think the issues that would be compelling for me are:

1. the 360 failure rate. if i'm going to pay that much money i don't want to deal with it breaking after a month.
2. the game library. get the console which seems to cater to your interests the most. this also includes online play. if all your friends play 360 online, then that should be considered.
3. what do you want to do with it? games vs games and movies. making the upgrade to a full hd entertainment center is expensive. you need a tv, 7.1 surround system to get the most out of bluray. that for some is too much hassle.

getting an answer that way will probably guarantee your satisfaction.

as for me we all know that i think the answers invariably lead to a ps3.

Firstly I'd never base my decision around one opinion, I'm trying to get a feel for what each system has to offer.

Secondly I like to research for things that'll end up costing me thousands of dollars and be at least a 5 year investment. Perhaps if you've made some wrong personal choices in the past you should think about doing some research too, I'm a uni student, it's what I do ;)

Oh and btw, one thing I completely forgot to consider was the lack of Wi-Fi in the 360 :P that's one reason why I'm asking this, thanks aragod! Also a good point was raised about the controllers. Since I owned a GameCube and PS2 last gen I'm used to the basic layout of both the PS3 and 360 controllers. I've used the 360 controller, I thought it was too moulded, I like to be able to move the controller around in my hands a bit.. The PS3 controller has crappier triggers though and the analog sticks feel floaty so they're probably about even.. Another thing is I'm Australian so I don't even know if we have Netflix here :P I wouldn't be interested anyway and the prices are..

$299 Arcade + 2 games

$449 Elite + 2 games

$499 PS3 + a platinum game

For the short version IMO, check the bolded portion.  But if you want details, I think this will help you make an informed decision:  

(1) Games are definitely a big part of deciding the game console you want to get, no sarcasm!  People sometimes understate this fact.  And there might be more exclusives than you think -- even ones that may interest you -- on either side, or both.  

(2) For me, I don't play enough online to justify paying for Live, but I do play enough to be annoyed that I don't have it on my 360.  So that would be a push to the PS3 if you are not OK with (or would really prefer not to) pay for online play.  

(3) Obviously if you do want a Blu-ray player getting a 360 would make you pay much more for a separate player.  

(4) IIRC the 360 doesn't actually have a price advantage anymore unless you're happy with just the Arcade.  If you are happy with an Arcade, get that.  If you want an HDD, then the PS3 and 360 are on an equal price footing, with 360 paying extra for online (or will be soon if the channel hasn't emptied on the $250 Premium -- and even then, your first year of paying for Live pretty much cancels that out).  

(5) Prepare for disappointment if you are counting on either of these.  (I am personally even more skeptical of Natal, partly for the very reason you dismiss the Wand -- crossover with the Wii will give it games, while Natal might wither on the vine.)  

(6) Honestly, I don't think you need to worry about this in 360s of recent manufacture.  Even if the 360 still has failure rates higher than the competition, it's not anything like it used to be.  

(7) I doubt either game will be less than great.