PS3- Sounds and looks way better than the new and old Xboxes that Microsoft have released in the past. Even though they came out with a new xbox it still can't match with the PS3. What the PS3 has that the xbox 360 doesn't is that it has Blue-ray player, better graphics, and it's just a very powerful video game console, than the xbox 360.
Xbox 360's- The only great part of the xbox would be it's cheap in price, you get the latest game download add on's, like modern warfare 2, and it has gotten quieter. The new one looks cooler than the PS3, that's what most say, and it has a lot more memory space than the PS3 for a smaller value. Other than that there really isn't much of a difference, I'd choise the PS3, buy i already have an Xbox 360.