GOOD LORD I can ramble sometimes... Well, happy reading folks! :D
Just a couple of minor quibbles (no, I'm not a fanboy, no I'm not picking a fight). And might I say, I've read a LOT of discussions on this subject and so far this is by far the most CIVILIZED discussion on the topic I've seen yet... :D So let me go into a bit more detail here and address some of the more common arguments that crop up from time to time.
With the 40gig version of the PS3 pretty much the main model now, the price argument is no longer an issue. The 360 and the PS3 are both basically the same price now for a core system. You only pay more if you want the higher end models (the 80 gig PS3 or the 360 Elite).
Gametrailers.com has some interesting videos for multi-platform games that I highly recommend checking out - side-by-side comparisons of them (in hi-def) so you can actually see how they perform on the different systems. And HONESTLY, from what I've seen of these comparisons, it is clear that the PS3 versions generally run faster, have more detail, and have far less "pop-up" issues with graphics. Compare GTA4 on the 360 to the PS3 version. The PS3 version looks better, there is no question. That gap is only going to widen as more of the game companies begin to take advantage of the hardware.
I keep hearing people talk about loading time issues, but I just don't see it. My PS3 doesn't seem to take any more time loading a game than my PS2, which is saying a LOT considering how much more data is being pulled of the disc for a PS3 game.
On the smoking issue - I have some friends who are heavy smokers and own a PS3. They also play like crack addicts, and have never had a problem.
You might hear some thing about overheating. This is an issue with BOTH systems, easily remedied by making sure you place your system in the open, with the vents kept unobstructed with lots of room to, well, VENT. :)
So going back to what I said before, if you just want a bunch of good games NOW, get a Wii or 360. If you want a system that's going to last a while longer and takes full advantage of the wonderful world of HD, get a PS3. It's not going to be long before the playing field is evened again. People were put off the PS3 because of the price when it came out, but that's no longer an issue. There's a lot of games coming out this year that will being to show off just what it can do, with plenty more in the pipeline.
There's also a lot of REALLY good game franchises on the PS platforms - Final Fantasy, Ratchet & Clank, Jak & Daxter, Killzone and Gran Turismo just to name a few of the heavy hitters. And they're ALL getting PS3 games (some are out already).
Bear in mind again, I'm talking from personal experience. It also boils down to the fact that I've had a PS2 for quite a while, and have never been disappointed. So I have no problem investing in the future with the new Sony system. They have a proven track record for making solid game systems, as far as I'm concerned, and I don't get what people are worried about. The games have been slow to come out because the hardware is BRAND NEW. I'm not talking about the age of the system, I'm talking about the hardware itself - it's a whole new KIND of processor, unlike anything that's ever been out before. So the learning curve for the game companies was a tad more steep than with the other systems. Therefore, it's taken longer to get games out that use it. But that's about to change. And once it picks up steam, I don't see it slowing down.
As PS3 games take more advantage of the hardware, it's only going to show in sharper relief just how underpowered the 360 truly is. I really think Microsoft made a HUGE mistake rushing it to the market a year ahead of the competition. With the original XBox, they WAITED and it was a really good system as a result. They took their time to make it a truly competitive system with the PS2 and the Gamecube. I just don't get their plan with the 360 - it doesn't make sense. Rush it out the door to be the first HD game system, even though they must have KNOW that the PS3 would blow it out of the water specs-wise... My point is, I think that as time passes, and PS3 games become more advanced, it's going to show the lack of power under the 360's hood more and more. Yeah, it's #2 in sales and installed user base at the moment (behind the Wii), but the PS3 is catching up, almost SCARILY fast. I think, at the very LEAST, the 360 needs to have a BluRay drive. Then at least the size of their games won't be limited by storage capacity. Such as that one game that came out recently on FOUR DISCS??? Sheesh...if they had a BluRay drive, they could've fit that whole game on one. With room to spare...
Ideally, I'd like to have a Wii AND a PS3. But for now, I'm happy with my purchase and look forward to many years of gaming and hi-def movies ahead. :)
So yeah, to sum up again - if you want something for the short-t