Well it depends on what you want, and you're taste. I myself, have both a 360 and PS3. But I will not be bias over one side.
Ok so if you think about it, the 360 actually will cost you more than the PS3. You might be saying "No you're retarded." Well it's true because the PS3 costs about 500 right? The 360 costs about 300. But if you want to buy the wireless adapter, it would cost 100 more, HD DVD drive (100; blu ray already won woot) games (60), xbox live (60/yr) so in the long run, the 360 would cost way more than a PS3 would.
All my friends have a 360 also, and they are alwasy like "PS3 SUCKS!!" So I just tell them that they suck, and some childish comebacks like "your momma sucks" and some other stuff like that. And when they get the RROD (Red ring of death) I laugh at there faces. And they're always like "omg yo i gotz halo 3! PS3 suk!" Then i just tell them "Halo can go to hel1. I have call of duty 4, and i can run linux on my ps3." That shuts them up. :P
Well the 360 and PS3 graphic wise are about the same. Yes, the RSX (no, not the acura/honda RSX/INTEGRA-R) It's a chip used in the PS3. Yes, the RSX is weaker than the Xenos that the 360 uses, but the PS3 has this thing called a graphics sysntesyer, so it has better graphics over all.
And you can run linux on a PS3 in full 1080p glory. Have photos, music, video, HD video, blu ray, games, ps1/ps2/psp/ps3 games etc.
The 360 can play xbox/xbox 360 games, and have cheaper games yes. But by the end of 08, the PS3 will have at least 300+ titles to choose from.
So choose what you want. If you like killing, get a 360. If you like a varitey of games, get a PS3. If you want to spend 60 dollars a year on xbox live, get a 360. If you want to wait until next month so PS3 Home cna come, which gives you achievements, games, online community etc for FREE, and the same features as a 360, get a PS3.
So have fun, and choose wisely.
Yes i like both consoles, but i would choose the PS3 overall.