I own a 360 and am largely impressed with it. The whole marketplace/dashboard etc is very very good.
As for games - Gears of War, PES, Saints Row (until GTA!), PGR3/4 are all great.
The ps3, is technically better, but its just lacking something atm. Its also pretty pricey.
If your looking for value for money and a great system, then go xbox. If your willing to pay a few more quid, and face the prospect of waiting a little longer for the ps3 to flourish, go ps3.
Tbh, they are both great - its just they are at different stages of their development.
Even though Im an xbox guy, I used to have ps1/2, so dont forget you'll get a BluRay player with the ps3!
a real gamer knows playstation is always the best system. Microsoft is new trying to compete with playstation wich has been out fsince 1995 compared to xbox in 2001
I'd go for a PS3 - I'm thinking of getting one myself for Christmas too. You'll get more years out of a PS3, 360's really don't impress me all that much although xbox live is supposed to be great.
Personally I think anyone would be happy with either console, it's funny when people start trying to say one is rubbish and the other is great and start arguing over it (hope that doesn't happen in this thread).
If you've got the extra few quid to spend then get the PS3 if not then 360 will do nicely.