I own both a PS3 and a 360, so I think I can give an unbiased opinion. I'll just start with pros and cons, then end with a closing, overall opinion/suggestion.
1. Superior hardware - While currently developers aren't really using the PS3s potential to the fullest, it could prove to be worthwhile some years down the road when devs are pushing its limits and the other consoles won't even begin to keep up.
2. Blu-Ray - If you're big on hi-def, this is a serious bonus. Even with hi-def aside, Blu-Ray also helps support bigger games. Eventually, the tech put into a video game is going to outgrow a standard DVD. When that happens, Blu-Ray will be waiting to catch some praise.
3. Dedicated Servers - While not all PS3 titles are privy to this, a decent number are played on dedicated servers. Either way you dice it, Dedicated servers > P2P.
4. Free online service - Hard to complain when it doesn't cost anything
1. Price - The PS3s superior hardware comes with a larger price tag with a base model price at $399.
2. Inferior online service - Let's face it, PS Home doesn't quite hack it when compared to Microsoft's XBL. On top of that, most users are led to believe they are always playing on a dedicated server. Simply not true. Even at the cost of free, you can't help but feel Sony is leaving you out to dry.
3. Smaller Game Library - Just what it means. Less hits are being released on the PS3 when compared to the 360. In many cases, even when a game is released for both consoles, it shows up on the 360 well before the PS3. On top of all of that, Activision has publicly voiced their concerns about PS3 sales and may not publish games on the PS3 for very much longer. (a quick Google search will produce a number of sources, if anyone is interested)
4. Obvious and normally overlooked Controller Deficiencies - Something most fail to mention: They have built in battery packs. This means when the battery dies, you have to plug the entire controller in, as opposed to just changed out battery packs. And when the battery quits performing altogether (as all batteries eventually do), you have to replace the entire controller. Other obvious deficiencies are based slightly on biased opinion, so I'll refrain
1. Superior online service - With in-game messaging, voice chat, larger DLC selections, customizable avatars, the TrueSkill rating system, etc, the XBL service makes for a great accessory to online gaming.
2. Price - At $299 you get a lot of bang for your buck. *note: I'm not considering the arcade model here because it lacks a HD, and therefore is unplayable online
3. Gears of War, Halo 3, Fable II, Left 4 Dead, Mass Effect - Need I say more?
1. RRoD - (Red Ring of Death) So named for the 3 flashing red lights that basically mean your console is officially dead. The upside is, Microsoft has come along way in upgrading their hardware reliability and even increased the warranty term for RRoD.
2. Paid Online Service - At about $50 a year, you can't enjoy online gaming without forking over some cash.
3. reserved just in case I think of another con
Overall, my opinion is that any new buyer to a current gen console should definitely go with an Xbox 360. Even more so if that buyer is into FPS. The Xbox controller was literally designed with a FPS in mind, and it shows. The 360 is cheaper, the failure rate is way down, and even if you do get a bad one, Microsoft is quick to handle the warranty, and honestly doesn't ask many questions when doing so. Admittedly, the PS3 is more capable when comparing hardware, but we're only 2 or 3 years away from seeing a new console from Microsoft anyway. Microsoft will definitely raise the bar with the next one, while Sony will be waiting around to make a profit on the PS3. I will also add, Xbox Live is definitely worth the $50 a year. When compared to Sony's service, you can easily see why you're paying for LIVE and how your money is always making it better. Any fan of online gaming who has had a chance to compare the two should agree. Furthermore, if Sony were to lose the support of Activision, the Guitar Hero and Call of Duty franchises would add a long line to the the already large list of exclusives available for the 360.
Hope that helps you pick a side :evil:
Honestly, I'm not a 360 fanboy, I'm just a video game fanboy. And given everything, I really prefer the direction Microsoft is heading when compared to Sony