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Location: South Wales, UK
Joined: Mar 2005
Posts: 18,574
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PS3 all the way - more advanced in many ways, and better for the consumer too, as it uses open standards for lots of things (like recharge cables, hard drives etc - so costing you less in the long run). Also has free online gaming - whereas you have to pay on the 360.
It also has more of the best exclusives (as Sony owns many dev companies), is more reliable and overall better engineered (as you'd expect from a Sony product).
Also has Blu Ray - ie full/REAL HD, not the crappy 720p you get on Sky or iTunes.
In 360's favour, it's cheaper (but don't expect it to last as long...).