[quote name='crunchewy']Use HDMI for the PS3 and VGA for the Xbox. Problem solved. But get the official Microsoft VGA cable. I first had one from monoprice and it was terrible. The picture was awful. Switched to the official cable and it looks perfect.[/QUOTE]
That's how I have mine set up as well. You can get the 360 VGA cables for 10 bucks from Gamestop if you buy em used.