[- Paul -]

Now I have had the PS3 for a day, I thought I'd jot down my thoughts.

PS3 pros

Very quiet.
Plays BLURAY.
Interfaces with Bluetooth devices incl headsets/mice/keyboards etc.
You can install another Operating System on it - it's an option on the sony menu's.
Has Wireless built in and can be used as an ad hoc connection for the PSP etc.
I can turn on my PS3 anywhere in the world through my PSP - this allows me access to any video/music/photo etc I have shared through the PS3 - In my case - this means access to my media center PC.
Controller has "wii" like functions for tilt etc in games.
Supposed to be very reliable.

CONS

Not many games. This is extremely apparent when you have a 360 aswell as I have all the games that are out that I would of bought (for the PS3) if I didn't have a 360.
Poor menu system. Its the same as the PSP. This works well on the psp but just doesn't cut it on todays massive HD sets.
Controller has no vibrate function and is too small.
Online system is poor.
Have to "install" demos etc.. You also have lots of legal acceptance screens on nearly everything.
No backwards compatability for PS2 games

360 pro's

Lots of great games to play.
A fantastic online system - beautifully integrated into the experience.
Controller is great - the triggers are miles better than the PS3 equivalents.
Achievements - whoever thought of this deserves a medal.
Backwards compatible with some xbox titles
Smaller than the PS3 and IMO - looks better.
Great Media Center Extender.

360 Cons

VERY LOUD!!!!
Very Unreliable
Lost the HD battle