For what it's worth, I wouldn't touch the PS3 with a ten foot pole. Why? A few reasons:
1. I hate Sony as a company, but I won't get into that here. I'll just say that I question the intelligence of a company that blasphemes against a major religion as a marketing gimmick.
2. Sony customer service...or lack of. While the reports of X360 problems have been blown wildly out of proportion...well...let me give you an example. On one of the other boards I frequent, there are about 100+ people who have 360s. Only one had to send his back to Microsoft. They paid for next day shipping both ways, replaced his system with a brand new one, and gave him a complimentary hard drive. That's impressive folks.
Got dead pixels on your Sony PSP screen? Tough. According to Sony, it's "acceptable", and they won't do jack about it.
3. The PS3 is more powerful... or is it? While early speculation was that the PS3 would dominate the console market this generation in terms of power, developers (Epic comes to mind...) who have been working on it have said many times that the Cell chip isn't all it's cracked up to be. Many have said that if you could tell a difference between a 360 a PS3 version of the same game, they'd be surprised.
4. Price. Sony has all but said the PS3 will cost more than the 360. On top of that, Microsoft plans to drop the price of the 360 by $100 on the PS3's release day. It's also rumored that Halo 3 will be released around the same time.
I've got the 360, I've had zero problems with it, and the thing is amazing. High definition games. Music. Movies. X-Box Live. Downloadable game demos, downloadable arcade classics, the ability to talk to other computers on a network and stream media from them...and the controller is by far the best console controller I've ever seen. Have you seen the PS3's controller?
When the PS3 launches, it will be launching against a system of roughly equal power, about $200 cheaper, a year's worth of games including Halo 3, and Xbox Live.