I faced the same dilemma during the summer, eventually buying a PS3. Many posters have made an excellent point that many of the big name games are either out for both systems already or will be released for both systems. Personally, I picked the Ps3 because I saw it as a better investment in the long run.
If I'm not mistaken, Xbox 360 can only reach up to 1080i graphics whereas Ps3 can reach up to 1080p. So from a graphics standpoint, Ps3 wins, though that wasn't what sealed the deal for me. I also wanted a blu-ray player and the Ps3 met that need as well.
In terms of cost, I took this standpoint. When I was looking at the xbox360, a wireless adapter was about $100.00. My Ps3 came with one already in it, so the cost went from $450.00, to roughly $350.00 and it game with MGS4, a game I would have bought anyway so that cut the price down to about $300.00. Mind you, this was before the Xbox holiday price cuts so the Ps3 looked fantastic. I'm not sure if the 360 comes with a wireless adapter now but you should factor that into the cost if it doesn't. Or if your just running an ethernet cable straight to the system then you have no worries ^^
I ended up buying the MGS4 Ps3 bundle last summer and haven't been disappointed in the least.
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