360: Use the money you saved (200$) to buy Live.
The 360 has a media center, in my opinion one better than the PS3. You can play all the files from your PC(if you're running XP with Media Center or Vista), or you can play them from an external source such as a flash drive or a DVD. I've burned 720p HD movies onto 4.7GB dvd disks, from files I got from torrent sites. If you feel like being legal, you can download HD movies straight from the marketplace to your hard drive. You can also rip your CDs to your hard drive, and play music while playing in game.
Also modding will save a lot of money.
Other pros for the 360:
+Controller has rumble, at this very moment, with 55 hours of battery life on 2 AA batteries (vs 18 hours for ps3; reported by GamePro)
+Private chat, video chat, between two people, even if you're in different games.
+You can charge your controller while playing, and while this is possible on the PS3, you need to find a cable long enough to do that.
+Bigger marketplace
Also, IMO, the controller is better designed.