I think it depends on what kind of games you're into.
There are advantages to both the PS3 and the 360, but cons too.
PS3 advantage-Comes with Bluray stock, no need to buy an external drive. And only $400 for it, so basically a cheap bluray player.
Con- There aren't that many releases for the PS3 that make it breathtaking...
360 advantage- The 360 personally imo has the easiest and well known online communication, Xbox live. You can download content, movies, talk to friends, etc. Easy to keep in contact.
Con- Hdmi? Come on now, I don't want to pay the extra money just for HDMI, even more when the elite is the same xbox with just hdmi.
PS3 advantage- This one is a big one for me. Sony has made it really easy and cheap to download full games to the PS3, fast and easy.
Con- The controllers for me are too light. I need some weight with it, you know.
360 advantage- Media extender, great.

con- This one isn't that big of a deal, because you can just get rechargeable batteries, but the 360 controllers use just any regular double A batteries.
Ps3 advantage- HAS an ass load of processing power in the cell.
Con- This advantage however has a huge con. The cell is not being used fully, and really not all that great. I think developers need to take up a rendering method that's more cpu dependant, like Raytracing, but I don't see that happening any time soon.
360 advantage- Still has memory cards, so if I need to get a file quick to someone elses 360, there you go.

360 con- You need to download a patch to play an Xbox game on it. Sorry, not to play it, but emulate it.
PS3 advantage- Controllers can charge and be used at the same time via the usb wire from controller to console.
con- The new PS3s don't contain the chip to play some PS2 and PS1 games on it. Sucks though.
If you don't need Wifi, you can buy a 20 gb PS3 and upgrade the harddrive in it. And if you still play PS2 games, since it has the chip to play ps2 games. The new 40 gb PS3 doesn't.