The cold-hard facts are that PS3 is the most advanced and well-made of the systems. It has more powerful hardware which can be utilized for games made specifically for it (multiplatform games are forced to dumb themselves down for 360 anyway, and you'll never see the difference with those), it can play Bluerays, the online play is 100% free, the console (out of game) menus are more efficiently developed and easier to use, and it is by far the most stable and durable.
PS3 also has out-of-the-box chargeable wireless controllers. You just hook them into the PS3 by their cord to charge them, so you can even charge them while playing just by instantly converting them to wired. 360 by comparison has either wireless or wired, and the wireless ones require batteries. Any chargeable wireless controllers for the 360 would have to be purchased separately, and I don't think they can be used while charging (may be wrong).
Wii used to have the unique controls, but the others have that now as well (and yes, PS3 does it better than 360 by a very large margin).
Seriously, Wii isn't even a viable option. There is just so much wrong with it. The online play is so slow it may as well not exist. The controller is no longer unique, and while it's still superior to the alternative provided by the 360, I'm pretty sure it's actually worse than what the PS3 can now provide. The game selection is absolute trash; it's about 75% sport games, 24% Mario, 1% other. Finally, it is so far behind the other two hardware-wise I wouldn't even label it as the same generation. It's still back there with the original xbox. Here's a good example; remember the Gamecube from the last generation of consoles? The Wii has a fair number of games that are a direct port from the Gamecube.
The only issue is with Microsoft's business method; they muck up what would otherwise be a straightforward choice by having a superior choice in games, which they only have because Microsoft loves to buy out the exclusive rights to many game titles. And even if they don't get exclusive rights, they do still often get multiplatform, in which case the PS3's superior hardware doesn't even get utilized. The most you'll usually see out of that is fewer discs on the PS3 (I believe the 360 version of Final Fantasy XIII for example has multiple discs, whereas the PS3 version only has one).
Many people do also prefer the 360 controller set up, but that's a preference issue.
So it mostly depends on how badly you want the 360 exclusive games. Basically the 360 is a comparatively trash system with a superior game selection.
I can tell you this though, if you buy a 360, you'll replace it within the next year or two, because they have degradation issues on top of being generally fragile.
You could keep it in an air-tight vault, and as long as you actually play it, it will break down rather quickly simply because it wears itself out with use (my guess is they cut corners by using extremely cheap parts).
If it helps, I'm pretty sure the 360 is widely considered the only good choice for online FPS games. The issue I believe is that they have exclusive rights to all the good online FPS games. Some people say the online is better with 360, but I personally think they just want to justify having to pay for it. I've never experienced latency issues playing online with the PS3.
Originally Posted by I stand in fire
I have to note that MS has really stepped up to the rampant hardware failures that plagued the early xbox360s at launch. The latest models are not prone to overheating and you can expect the same reliability that you can expect from the ps3. Also, you have a three year warranty if your xbox does get the dreaded red rings of death.
This is untrue. The systems are not nearly as fragile as they were at release, but they do still have many issues, and do still inevitably break with use, just not nearly as quickly and not in all the same ways.
One example is the fact that the 360's laser eye wears out with use and gradually loses power. Many times it will eventually become too weak to actually read games. It creates an issue in which any time you place a game in the 360, it will attempt to read it momentarily, then claim there is no game inserted.
I've personally witnessed that specific flaw in a 360 bought new in early 2010.