First party games tend to have the strongest online setup, while the third party developer servers are a mixed bag. Resistance and Warhawk run lag-free, or in the few cases of lag I've seen it was only notable because it's not usually there.
The only thing Xbox Live has over PS3 online right now is the ability to communicate with all your friends in game. The functionality is in the PS3, because Resistance was eventually upgraded to the point where it allows this feature. Until this is unlocked and standardized it is a little more of a hassle to talk to your friends while playing a game (you have to exit to the operating system). Also, some features like voice chat are not standard because for some reason developers do not put them in every game.
Other than the minor issue of no in-game XMB the online is fantastic. Haters will tell you otherwise - don't believe them.
Edit: Also, I have mine hooked up to the router via CAT-5 cable. I hear the wireless works quite well, but I just don't trust a wireless connection as much as a wired one for my gaming.
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