While the 360 still has the better library of games and better online, my choice is PS3, which currently clearly has more advantages over the 360. Let's take a look.
Overall Game Library so far: Advantage 360
Overall Online Experience: Advantage 360
Exclusives in 2008 so far: Advantage PS3
Yeah, because Sony released thier biggest title of the year in may, while MS is releasing theirs towards the holiday take out that "so far" and you'd be hard pressed to give the PS3 the advantage.
Multiplats in 2008 so far: Advantage PS3
How so? What reason can you give for PS3 being superior for multiplats?
Future outlook for Multiplats: Tie (Microsoft will try to get timed exclusives, but PS3 will have more improved versions. Example: Oblivion and Bioshock). PS3's Blu-ray and Hard-disk drive advantage will be a plus for PS3 (Soul Calibur 4), while Microsoft's Full Install option is an unknown factor.
While I agree with your "tie", your reasoning is absurd. Those are the only two examples of games being noticably improved, and they both came out over a year after the older versions. most of the time you're going to wait extra time for the game and get an equal version. Overall, you're going to see things remain much as they are now. Multiplats will look nearly identical 99% of the time. These two systems are so close in power that neither will ever take an appreciable lead on the other.
Future outlook for exclusive games: Advantage PS3 (Sony has invested much more than Microsoft in 1st and 2nd parties)
Depending on install base, MS could get 3rd party exclusives if they spend the cheddar in addition to their 1st and second party...also don't forget the additional titles 360 shares with the PC.
On-line innovations: Advantage PS3 (Litte Big Planet, Large Muliplayer Shooters)
Are you kidding me? MS has revamped Live twice now, and has added tons of new features. you lose a ton of credibility giving this to PS3, and that without figuring on the possibility of Home sucking big time.
Games getting bigger and more advanced: Advantage PS3
We've been hearing this since 2006. Games will be largely the same on both, the only evidence to support this is the hype that sony created that they have yet to live up to.
Blu-ray movies becoming more and more mainstream: Advantage PS3
Hit or miss...if digital distribution keeps the momentum it has, it could supplant bluray before bluray ever supplants DVD.
Total Cost of ownership: Advantage PS3 (360 has LIVE fees and more expensive upgrades)
Most people who get a 360 will never had to spend money on these accessories. For some people you're right, for the majority you're wrong.
Reliablity: Advantage PS3
If the RROD gets fixed(possibly as soon as fall with Jasper), then bye bye advantage.
Console usefullness after 2012: Advantage PS3
Hmm, debateable, as there will still be great games coming for each...and lets not forget aobut digital distribution which will be even more prevelent by 2012, taking some of the buzz from bluray.
Resale Value: Advantage PS3
Why is this an advantage? If the PS3 was as wonderful as you extoll it to be, then people wouldn't be selling it would they?
Sihanouk
Could you at least TRY to be less biased? It's funny he never responds when I disect his posts.....hmm wonder why. 
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