[MrSteak]

I have both... but play PS3. (After Fable 2 comes out for 360, I'll either sell it, or hack it and use it that way.)

PS3 is a better system, even though it's taking them FOREVER to come out with software (games) to match their hardware. Blu-Ray is nice if you have a 1080p TV, but the PS3 also plays avi files, so you can just load up data DVD's and play downloaded movies/shows on your tv as well. So even if you get sick of games, it can be set up as part of your entertainment system. Plus it has free online gaming. As far as games go: (xbox is LUCKY ps3 had a rocky start otherwise they wouldn't have lost some of their exclusive titles.) But they still have3 big franchises...
-Gran Turismo
-Metal gear Solid
-Tekken

Xbox is a good system, but unless you're a diehard for any of their exclusives, you can get everything on a PS3. Xbox has a better online interface but you have to pay for it.
Xbox exclusives:
-Forza (only good racing game)
-Gears of War
-Fable (2)
*I would mention halo, but I hate halo. I own a computer and playing a FPS on a console is like bowling with chopsticks. Console FPS are generally terrible, and for people who either never had a computer, or need to play slower games.

Xbox 360 is good for now, but time will favor the PS3.