PS3 or 360? I was asking myself the same question for quite some time. You wouldn't believe the hours I sunk into researching and reading reviews. This article isn't supposed to be biased, though I do favor the PS3. In the end I decided on the PS3, even though there were 360 fanboys everywhere trying to change my mind. Here's why. Oh, and the article is kinda lenghty, but has everything you need to know, so try to bear with it. And there are other good reviews above, but just give this one about 5 minutes, it has everything you need to know and is more current.
If you look at the technical stuff, the PS3 is superior to the 360. It comes with a built in blu-ray player, which is nice if you love the super hi-def resolution for movies. Why it's actually important is because the ps3 games come in blu-ray format. 360 games come in DVD format. Blu-ray disks have 25 GB memory (single layered), where as DVDs have only 5 GB memory (single layered). This means that PS3 games not only have better graphics (though it's not really showing right now, I'll talk about that later), they also have more space to put game information. If you read a magazine article vs a novel like Harry Potter, which will give you more information? Which will take longer to read? Blu-ray is like the novel. It allows for a deeper, longer, and better game. Right now this may not seem like a big deal because 360 games are just fine. But in the future, this will matter. The DVD format will cripple the 360 when game developers are trying to put so much into a game, and there isn't enough room. This will leave the PS3 with a much better gaming experience. Remember, this is more of a reason for the future. Blu-ray will last and DVD won't. Now, 360 owners may say "Well, you can buy a HD DVD player for the 360, which is just as good." It actually isn't. It costs $200, and it only plays HD DVD movies. The games are still DVD.
There are some more technical feats of the PS3. It has built in wi-fi (wireless internet) to play online. For me, this was a must have; I wasn't prepared to send a 40 ft cable through the house to connect to the internet or buy a $50+ modem. The 360 does offer a wi-fi accessory, only it costs $100. Kinda pricey. Then there's controllers. Both cost $50 for the wireless version (must have). I personally like the 360 controllers a lot, and the different colors are a nice option. But they don't come with rechargeable batteries. You have to buy them separate. Oh ya, and you have to buy a recharger to recharge the rechargeable batteries. For $50, you can get one charger and 3 batteries. PS3 costs, wait, it's free. PS3 controllers come with built in rechargeable batteries, and you can use either the usb-mini usb cord included with the system or just plug one up that you find around the house. I happened to find 2 in my office without even looking hard. So yes, the 360 controllers are nice but will add to the building expense. Also, PS3 offers system software updates for free over the internet every once in a while. This allows it to stay freshly updated and for Sony to continue to add on better things to the PS3. I don't think the 360 has software updates at all, so it can't be "renewed" like the PS3 can.
In my opinion, the PS3's XcrossMediaBar is better than the 360's Dashboard (the home page of each system where you access music, games, etc.). Don't get me wrong, the Dashboard isn't bad, but the XcrossMediaBar is very easy to use. You can also change the background to any picture saved to anything connected to the PS3. And now with the new update, you can give it a theme, which are free on the Playstation Store, and look pretty good. It basically gives you a new background and changes the text to something similar to the background (the nature theme, for example, turns the text into what looks like frosty snowflake letters). The PS3 offers a internet browser, allowing you to go to any website you want and make a list of favorites by simply touching the select button. The 360 doesn't have an internet browser of any kind. Just a nice add on for the PS3. Also, the PS3 has a thing called Playstation Home coming out in the spring, which will be really cool. Basically, you make an avatar that is "you" in this cyber world, and get an apartment to decorate. You can go into this online world and talk to people, hang out, play arcade games like pool and chess, and watch movies. Sony intends for companies like Coke to make their own lounges, where players can go and have fun with different games and shows playing. Also, it introduces the achievement system, which the 360 has now and the PS3 lacks. It allows you to show off your achievements in the form of things like trophys that you've accomplished in different games. I never thought it was a big deal, but a lot of people do. I recommend searching it on google, it's really neat.
The online capability is another major buying factor. I won't lie, XBox Live is better than Playstation Network. Though I don't know much about XBox Live, never having used it, this is what I've gathered. It's easy to use, you can make friends lists, send messages (even during games), and there's a good matchmaking system to play with your friends. There's also arcade games that you can download, and I believe there are more available now for 360 then PS3 (for now anyway). Very good, but with a price. XBox Live is $50 a year. Many say it's worth it, but I can't testify either way seeing as I haven't used it. Playstation Network is PS3's online system. It is free, which is quite nice. You can also make a friends list and send messages, but not during gameplay (I think). I'm also not sure about the matchmaking, whether it exists or if it's good or bad. The Playstation Store is growing rapidly, and more game demos, trailers, add on content, and arcade games are becoming available (the demos and trailers are free, the arcade games and add on content usually cost you something). I think the 360 has demos, trailers, and add on content available also, but I'm not sure of that. Also, tons of people have 360's, and not as many have PS3's. I'm happy with Playstation Network, it's not horrible and there are plenty of people to play online, just not as many. So basically; XBox Live-excellent but $50 per year, Playstation Network-not as good but fine, free.
As far as graphics go for the two systems, right now they are relatively equal. I think that will be changing quite soon. The 360 has been out over a year longer than the PS3, giving the developers time to get used to the system. PS3 on the other hand is relatively new compared to the 360. If you've noticed, the PS3's first generation of games graphically are just as good as the 360's second generation of games. The PS3 would stay equal at one generation behind 360, but there's another factor to throw in. The 360 is almost at it's full capacity right now. Sure, it's games look good, but remember they're in DVD format. And the PS3 has blu-ray to combat that, on top of it's huge potential not being tapped fully at the time due to the short amount of time it's been out . So, the 360 will hit a wall soon and the PS3 will surpass it by quite a bit.
As far as failure ratings, the 360 wins that category. Currently, one third of XBox 360s are breaking and being sent in for repair, most commonly for the "Red Rings of Death." I know people who have had a hole the size of a quarter burned through the middle of their Halo game. Tell me that wouldn't suck. 360's also overheat and start smoking, which might cause some issues. To cope with this, Microsoft offers a 3 year warranty, so you can get it fixed for free, you just won't get to play for a few months and have to go through the hassle. PS3 failure ratings are at about 3%. They don't overheat often due to their nice cooling system. They're also quiet when they run. 360s on the other hand are LOUD. If you have the sound cranked up to full, you may not here it. If not, it's quite annoying.
Backwards compatibility is one of the last issues. The 40GB PS3 doesn't offer it, but the 80GB version does. And if I remember correctly, the PS2 dominated the last generation market. I still like playing many of those games, so PS3 was the way to go. The 360 does offer backwards compatibility, but not with all of their games. And there aren't as many XBox games to choose from. Price used to be an issue, but not anymore. The 40GB PS3 is only $400, only $50 more than the 360 core (at $350). The 80GB is $500, but worth it for the backwards compatibility in my opinion. And in my opinion, the extra $50 or $150 is worth the PS3.
Finally, the big daddy of them all; games. Now, 360 owners bash PS3 every chance they get, saying things like "The graphics are better" (which they aren't) and "There's funner and better games on the 360" and "PS3 doesn't have any good games". These are lies. Almost all of the next great games are available for both consoles, including GTA 4, Guitar Hero 3, Call of Duty 4, Assassin's Creed, Madden, NBA Live, Army of Two, Star Wars: Force Unleashed, Timeshift, Elder Scrolls: Oblivion, Unreal Tournament 3, and Devil May Cry 4. As far as exclusives, 360 has a few great ones, but only a few. And their "exclusives" aren't really exclusives, as you'll find below. If you're anything like me, you know that Halo 3 is amazing, almost got me to buy a 360 actually. There's also Bioshock, Mass Effect, Gears of War, and Crackdown. That's all I can think of that are actually good. But there is a remedy for the lack of some of those games for PS3. If you have a Vista computer, you can buy Halo 2 for Vista, Gears of War for Vista, Bioshock for Vista, and other "Games for Vista" as they're called. Then you buy a 360 wireless controller, a gaming receiver for your wireless 360 controller, which is only $12 (a little receiver that plugs into a USB port on your computer and lets you use the 360 controller for your Vista games), and you're set. And while Vista games offer Windows Live Gold and Silver for the same price as 360, the silver edition offers online play for free. The gold only allows you to play cross platform with 360 owners if the game is capable, which most aren't. So, if you have a microsoft computer, the "exlusives" for the 360 lose their exclusivity. PS3 has many good exclusives, no matter what anyone says. Warhawk is amazing, a must have online multiplayer only shooter game. Then there's Ratchet and Clank Future, Gran Tourismo 4, Metal Gear Solid 4, Haze, Heavenly Sword, Final Fantasy XIII, Littlebigplanet, Afrika, Killzone 2, Uncharted: Drake's Fortune, White Night Story, Ninja Gaiden Sigma, and of course Resistance: Fall of Man. That looks like a good game line up to me, and it'll only get better as developers tap into the vast potential of the PS3. I think Haze and Unreal Tournament 3 will kind of combat Halo 3 for online shooters, though they won't be exactly the same. Don't get me wrong, the 360 is a great system with some good points, but I think the PS3 is worth is for an extra $50. Happy buying!