Ok so ive been seeing many posts about this and i will inform u on all the upd and downs on these 2 systems:
ps3: Yes it is expensive at like what 399 or 499 right now? Anyways recently sony has debated and decided to lower the price 100 bucks, so that should get their cash flowing. Also, it is a blue ray disc player which is fancy and nice, and do cost some $. No they dont have all the games the 360 has but cmon its sony, also known for their great abilities.
the 360: Ok most people prefer this. It has nice games, an mp3 player (is the ps3 1 also? im not sure) doesnt play blue ray but plays dvds. Has xbox live, and the price is pretty reasonable. The only downside to the 360 is the glitches, the errors and viruses. Very common so if you plan on getting one make sure its new not refurbished,and dont get the arcade (199 Bucks) because it doesnt come with a hardrive (100 bucks.) Get the pro instead it comes with the hardrive a headset and 2 games: lego indiana jones and kunfu panda.
Overall: Recently a gaming mgazine did a comparison with the graphics between the 360 ps3 and pc. The 360 and ps3 had were the same, while as always the pc is pretty tricked out.
My opinion: I have a 360, and ive been pretty happy with it lately. Though getting kind of nervous im gonna get the red rings of death or something. But games like halo3 and gears of war2 pay off for it, but in the longrun, i would recommend the ps3. I mean cmon its frikin SONY!!!