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IMO the 360. Stiffer analogue sticks, proper trigger shape, costs less, stronger rumble, better analogue placement and yummy scrummy face buttons.

The dpad is worthless though. At least on mine.
 
Also have all 3 consoles.

Bought the 360, then the Wii (when the 360 went in for DVD drive failure), then the PS3 (when the 360 went in for Red Ring failure). Says a lot...

I have dozens of games for the 360, but am playing the PS3 more and more. The noise of the 360 is just a constant annoyance; and the PS3 game library is catching up, so that's not as much of a weakness any more. (And exclusives like MGS4, Killzone 2 etc. are well worth it).

For me, the 360 wins in:
- Best controller
- Largest game library (not as far ahead as before)
- Achievements

The PS3 wins in:
- Quieter & more reliable operation!!
- Bluray support
- Some quality exclusives

The Wii wins in:
- Zelda
 
The PS3 is very quite and I have PlayTV to record freeview. It's great. I have a PSP too, so I can remote control my PS3 from anywhere in the world when I have a wireless connection.

The XBOX has a good controller, but I like the feel of the PS3 one for different games. I prefer NHL on the PS3, but CoD4 on the 360.

If you like WipEout, you'll love wipEout HD.... it's simply amazing.

The PS3 is just better tech. Well made too.

Chances are very high your xbox will die if you get one... I have had 3 now and my brother 2, many friends are on their 3rds and it's a real pain!!
 
I'm in the same boat as the OP. I'm getting my tax rebate. I had a 360 but I sold it before going back to grad school, but man I'm itching for videogames again. Sooo....

360
Street Fighter 4
Gears of War 2
Fallout 3
Resident Evil 5
Halo 3 ODST
360 is the least expensive (I can get one on ebay for 140, not as reliable-my old one red-ringed but sold the replacement, never used it to play online)


PS3
Street Fighter 4
Killzone 2
Fallout 3
Metal Gear Solid 4: Guns of the Patriots
Resistance: Fall of Man
Resistance 2
Resident Evil 5
God of War 3

I was a halo fan but I'm kinda burnt out on it and looking forward to playing Resistence, MGS4, and Killzone are the games I'm looking forward to. Plus us in the US can get them used for about $30 which negates the whole $60 for a new game. Also I truly don't see myself paying for xbox live nor do I wanna buy the wireless attachment so all in all the PS3 seems like system I am leaning on. Looking on ebay and used sites and I can buy a PS3 for about 270-300. I'm honestly surprised that I am leaning on the PS3 as it cost much more, but yeah, hopefully I don't regret this.
 
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