I would say.. kinda.. its getting there. So if your saving up, go ahead and save up, because the PS3 is starting to ramp up, where as the 360 is starting to gear down. (as in about 3 more years life expectency or less till there is an Xbox 3)
It is important to look at exclusive titles on this, Such as others have said, Infamous, Demons souls, Little big planet, Resistance, GoW3, Heavy rain, ect, But also look at upcoming exclusive titles as well, Such as Final Fantasy XIII: Versus.
Beyond that, do a little pro/con work over the two.
Pro:
Will likely be the gap system between the next console generation, much like the PS2 is still having titles released to it, so it will hold you over till prices on next gen consoles come out in round about 3-5 years.
Free online play.
Bluray, wifi built in (only took MS like 4 years to get on the ball of that one) Web browser, Access to PS1 library via download or original discs, Access to PS2 library dependant on modle (although they are projecting to readd the software emulator to all models down the road)
Typically, much less failure rate (although I say this having a PS3 with the Yellow light of death syndrome)
Slightly better graphics.
potential for user generated content.
Cons:
Much like the ps2, as the console gets older, more of a vast library of very bad games to wade through. Not to say MS doesnt have their share of bad games, but it seems that this is one of the few positives on how restrictive MS is on developers.
If you have large hands, the Playstation controllers are a bit counter intuitive of having the control driving analog stick in opposition to the 360 controller. (i personally think that the 360 controller is perhaps the single best controller since the Snes controller.) If your willing to take a chance on durability, and longevity, you can pick up a Dreamgear Shadow series controller that basically alleviates this.
Still over priced compared to the other 2 consoles, though Vastly more competitive now compared to the 600$ tag on release day.
Certain parts have a tendency to go out, such as fans and hard drives.
With the US economy in the shape it is now and what has been one of the principle driving forces behind the economic downturn, Outsourcing, the concept of shipping your money overseas.
I say honestly... a PS3 is definitely worth the investment, but I suggest checking out pawn shops and the like to get a more equitable value on it. Got one from a pawn shop which was the 60gb holy grail of PS3s for 135$. Sure the serial number was filed off, but posession is 9/10ths of the law yanno.