The PS3 is a better designed system for the capabilities bestowed. It has great graphics and frame rate, but not many games or variety.
The X-box has many, MANY games, and fine graphics. I just played Crysis 2 on my 360 – it looked so amazing compared to what I was expecting.
The 360 has the Arcade; which is great if you want to play old games like doom, Street Fighter Classics, or Metal Slug.
It also has a lot of custom-ability, which is great for those who like a good change of scenery.
It also has cool music options and a lot of cool internet features.
Overall the 360 is much more pragmatic and well-assembled as far as fun and consistency go.
The PS3 is nice, but it just doesn’t have the options. It really depends on your taste; the reason I don’t use the PS3 is because my PC can handle any graphic implement plus the obvious advantages and options, like the internet and emulators. That plus my good old 360 are all I need.
Gotta love the PS3’s sexy black shine though – yum!