Both are great machines, with huge support lined up. The X360 **** ups are no worse than the shit SONY pulled with launch PS2's.
The HD battle is pointless to use as ammo. Movies are still being printed in standard DVD, and that's going to be the one selling for quite some time.
It's honestly going to be a tie near the end. The games that can be made on these machines will be nothing short of amazing. The PS3 may be more powerful, but history shows us this has nothing to do with sales. As of now, the 360 has the largest user base, along with one of the most fluid online lobby systems ever made. Developers flock to this, especially with the ease of programming the 360 has.
Devs flock, consumers flock..it's a circle.
PS3's online system isn't as streamlined as 360's, or as well maintained. The PS3, much like the PS2, is a pain to program for, in comparison to 360 and Wii.
It all comes down to games. PS3 has "Little Big World", "Lair", "Heavenly Sword"...360 has Halo3, Gears of War, Forza, Blue Dragon.
Madden and the like will grace both.
In Conclusion. Unless you are a ****-tard fanboy, who is misinformed of game development: Both consoles will be badass as hell. Both systems are produced by money hungry SOB's, both knowing how to jerk their customers off the best, or jerk them the wrong way*Sony's attitude, MS charging for downloadable 360 themes*. Buy both, be happy. Buy either one and be happy.