I personally like both, but it really depends on what you're looking for.
PS3:
Pros-
- Will last longer than 360 because of the Blu-ray
- Blu-ray
- Some good games, and MGS4.
- Free online.
- Excellent list of upcoming games.
- Cons
- Lacks good games, compared to the 360, as of the moment.
- Some games require you to install them.
- Pricey for a game console still.
360:
- Pros
- Great library of games so far (Better library, in my opinion)
- Good games within the near future, such as Fable 2, or GoW 2
- Online is better than the PS3
- 3 year warrenty
- No mandatory installing.
Cons-
- You have to pay for the online. Although not very much for 13 months, and even goes on sales every once in awhile.
- Still has the highest chance of overheating, although Microsoft managed to cut down the percentage to a small number.
- Isn't going to last as long, due to hardware limitations.
My own opinions. That is all. Also, I find it funny that people say the PS3 has more RPG games, than the 360, which is funny, since the 360 actually does have more.