I have both. And the PS3 for me is a really good...blu-ray player.
(Opens cabinet and starts counting BD movies...) So far, 16 BD movies (mostly from the Fry's and Amazon deals) and counting...
Don't get me wrong - I have 13 movies - also good deals - and 3 collections so far playing on my 360 HD-DVD add-on: Planet Earth, Matrix Trilogy (from $20 CC glitch - w00t!) and Smallville 5th season.
Bought Motorstorm, my first PS3 game purchase (maybe - you'll see shortly), from a Sam's Club for $40 neaby (yes, it's YMMV) and I still haven't opened it. I've played the demo A LOT from PSN, and I'm still debating on whether to return it or not.
Games I want to play?
NGS: - hmmm... tried the demo, but NGB on 360's ok for me for now. Thanks to the backlog, I'm just starting on the missions. And after reading some of the graphical miscues on the reviews, maybe if they lower the price more. Maybe...
GRAW2 - on 360, got it cheap at Fry's - check
Oblivion - I'd rather have the additional content from Live
M:UA - runs better on 360 - check
VT3 - has online play on 360 - check
VF5 - will have online play on 360 (yeah, i know, it's not out yet, but, you know which version I'm getting...)
R6:V - on 360, check. And now that the Red and Black Map Pack are free, even better
NBA 2k7 - on 360, got one
And I haven't even gone to the 360 exclusives yet: Gears of War, Halo 3 (already pre-ordered for the $5 MS points - and I had a $40 BB GC...) TRL, DOA4, Kameo, etc...
Heavenly Sword - sure, when it comes out
Lair - Ditto
MGS4 - have they announced when it's coming out yet?
FFXIII - too far away - 2008?
And this is coming from someone who actually owns both systems. Maybe if I actually paid the full retail price for the PS3, I might be a bit disappointed. Thank goodness for those $150 credits from SonyCard awhile back.
That's just my opinion and preferences, and I'm sure it will differ from others, granted that they have firsthand experience of what they're talking about, and none of that fanboy trash. (Yes, if you feel the sting from these comments, then that means YOU).
I think I'm cranky today. Sorry, but I just had to let my frustrations out.