The PS3 is a failure - Sony's getting destroyed on it.
You can get a new Xbox 360 with a 60 gig HD and HDMI for $249. I've seen it on Dell.com. There's also an incredible bundle at Costco that gets you an extra controller, Gears2, 1 year of XBox Live, Lego Indi, Fatpanda, and 3 Live! download games for $390
The Xbox just did a much better job this time around. The online destroys the PS3 in every facet. The 360 controller is far superior to the flimsy POS that Sony has now put out for three generations.
As far as content, the 360 has exclusives on the Halo franchise and GoW. Bioshock has better textures on the 360 than the PS3.
The PS3 has blu-ray, yes. But if companies like Netflix continue to expand their downloadable HD content (another 360 exlusive right now), the blu-ray player will be obsolete soon as well.
I borrowed a PS3 to play MGS4, but I would never think of buying one.
I would suggest googling PS3 vs XBox. Find an objective viewpoint other than fanboi sites.
To me, though, it's not even close.