Douche has it right. I had both consoles and while the Xbox has better games by a slim margin, that's because they had a year ahead of Sony. The PS3 is worth it for the Blu Ray alone, since the Blu Ray costs more than the 360 itself. And for those who say "well I don't need no stinkin blu Ray" don't kid yourself; that's the direction the DVD format is heading and you'll need it sooner or later.
Sure Sony has less exclusives for now, but the 360 is losing some of their big guns; Gears of War and Bio Shock are coming out for PS3. Once developers start getting comfortable with the PS3's advanced hardware and unlock it's potential, it's a wrap. Besides, Little big Planet is going to rock

.
But I'm all for all 3 systems surviving; competition breeds better games, and that's a win for all of us.