PS3
Pros: All come with HDD, Updates quite frequently, Free online, Blu ray player, Built in Wifi, Quiet, Future proof, Great games out right now like MGS4, Motorstorm, LBP, R2, and Uncharted.
Cons: Out of the box it is the most expensive, Updates can take quite long to download, Sometimes Multiplatforms games aren't as good as the 360s,
360
Pros: Great online community, Inexpensive, Great Games like Gears, Halo, Forza, Mass Effect, Dead Rising and Left 4 Dead, Lots of great arcade games, They come with headsets, 3 year warranty.
Cons: RROD, Online is $50 a year, Loud system, Disks can get scratched, Doesn't update too often, Wifi adapter costs $100,
Both systems IMO have their strengths and weaknesses. I personally think its just preference to which one you get. IMO though I would get a PS3 because of the blu ray player, but like I said you cant really go wrong with either system.
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