360:1. Better exclusives
2. Larger library (small bit now)
3. Xbox Live
4. Controller is better IMO
5. Price, soon MS is releasing new 360's with the Jasper chipset (RRoD eliminated) with a 60g HDD for 250.00, so this is really hard to beat.
PS3
1. Hacking, Linux etc.
2. Blu-Ray, even though it is slow as shit
3. You can expand the HD without voiding the warranty or paying an arm and leg.
4. Game library is decent
5. Hardware, more reliable and powerful
6. Built in Wi-Fi
7. Motion sensing, even though i could care less