Want a games console? Get 360 (better range of games (that are usually better than PS3 counterpart, eg Fallout 3), prices drop quicker, much better games on DL service, better online play (monthly fee sadly))

Want a media center that also plays games? get PS3 (Blu-ray, decent media centre that seems to support more video file than xbox (in my experience), wireless out of box (not a pro for me, I hate wireless, but most seem to go giddy over it))

I'd wait a bit and see how MS respond to the PS3 price cuts.