Depends on what you are looking for. I own a 360 but I've played PS3 as well as borrowed one from a friend for awhile, and I reccommend the Xbox.
-Xbox LIVE is the best online experience in any of the consoles, if you want to play online a lot.
-If you already have a blu-ray player, then you don't really need the one that comes with the PS3, because it is only necessary for playing movies. Video games never take up nearly enough space on any disc to warrant using blu-ray, since no game has ever come close to filling even a standard DVD.
-The PS3's blu-ray player doen't give it better graphics than the Xbox 360.
---http://media.techeblog.com/images/graphics_compare.jpg
-Xbox also has games such as:
---Dead Rising(sequel coming soon)
---Mass Effect
---Left 4 Dead
---Crackdown
---Saints Row
---Too Human
Also, If you are worried about RROD, Xbox 360 Elites don't red ring, and even if it happens to, Microsoft does a good enough job compensating. I live in Canada and it only took a week or so for me to get my Xbox back.
APPCRASH said:
I went with the 360 because it had more games that tickled my fancy. Though, I do sometimes long to continue my love of Metal Gear Solid, but as of now the 360 is fine. I don't see many faults with the PS3. I'm not into the whole blueray thing, and the online aspects of the 360 are easy to manage and are not to overtly complicated.
Edit: forget the 360 Elite. A bigger hard drive and a black case are not worth the money. Most likely you will never fill the hard drive on the regular 360.
I've nearly filled my standard hard drive already, and I don't download things very often.
The bigger hard drive if extremely useful for Xbox Live Arcade downloads, as well as installing your games onto your hard drive, which allows you to play the game with practically half of the loading time.