Backward Compatibility
The 40gb is NOT BC. The 80gb is, using software emulation (like the 360 and XBOX). IF you can find one of the luanch 60gb or 20gb PS3's, they use hardware emulation. This only matters if BC is really important to you.
Guitar Hero 1&2 Compatibility
The PS3 is not compatible with GH1 or GH2, do to controller interaction difficultues. Hopefully, perhaps the soundtracks will become downloadable, but for now, you would be stuck with GH3 only. From this perspective, the X360 is slightly better, since it also has GH2.
Peripherals
If you plan on using your system as a Blu-ray player frequently, the PS3 bluray remote is nicely made, very functional and only $25. (USD) If you will only use this functionality rarley, you can make do with the SIXAXIS. If your TV is compatible, I would suggest picking up HDMI cables, but don't go for the SONY brand, they are a rip-off.
Games
To each his own on this front, pick up what looks good to you. I personally would suggest Resistance, Uncharted, Ratchet and Clank as a good foundation of games which are also exclusive, making you feel as though you have something coll and new, rather than replaying games you have already experienced on the X360.
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