An obvious choice would be to go for the new, slim models of both. I bought a ps3 slim and imo I didn't really enjoy it as I am an online gamer, so I returned it and got an xbox 360 slim. It fulfilled everything that I wanted out due to its huge online community. It's just me though, I don't like games focused on single-player as I would much rather online. It also comes down to what exclusives of each console you like better basically. I would agree that ps3 is a better system altogether, but it lacks an online community, in which all my friends are in (xbox). It really all comes down to your situation and your interests. Here's a list to help you decide which console is for you!
PS3 Slim Pros:
- More affordable $299 price;
- slimmer, more compact design with quieter operation;
- all games in high-definition; easy-to-use interface;
- doubles as a Blu-ray and upscaling DVD player;
- built-in Wi-Fi;
- HDMI output with 1080p support;
- built-in Web browser; free online gaming service.
Ps3 Slim Cons:
- Lacks backward support for PS2 games;
- no infrared port means non-Bluetooth universal remotes aren't compatible;
- online gaming, media, and commerce options still aren't as fully developed as Xbox Live, though they're getting better.
Xbox 360 Slim Pros
- Nearly silent when compared with the original 360.
- Smaller with a slimmer look.
- Built in wireless N and its fast.
- Integrated optical audio.
- 5 usb ports.
- Internal, but easily accessible 250gb HDD on the bottom of the console.
- Uses half the power of the original.
- Works with most of the old accessories, including the transfer cable.
Xbox 360 Slim cons
- The IR receiver is located lower on the console and appears to have a narrower field. So depending on setup using a remote maybe a headache.
- Only comes with standard def av cables.
- Does not use the old memory cards or hard drives.
- Touch sensitive buttons that when touch emit a soft tone.
- Kinect ready socket in the back.