On paper, the PS3 smokes the 360.

PS3 Slim - $300 (Sept 1):
BluRay playback
XviD DivX playback
PS3 (duh) playback
native 1080p HDMI output
1080p games
free online service
built in wifi
built in rechargeable controllers

360 Elite - $300 (Sept 1)
Windows Media Center streaming (no .avi files)
+ $100 for wireless internet
+ $20 (per controller) for rechargeable
+ $50 (per year) for online gaming

But I play the 360 so much, I wore out my first console. The Xbox Live experience destroys the PlayStation Network too.

I've used my PS3 for about 40 hours total since 2006. BluRays are pretty though.