Just yesterday I got my Xbox 360, and since then have slept only a few hours. I've never been so impressed with a console before, and the capabilities for this one are seemingly limitless. I already had a live account from my xbox days so I was able to take that immediately over to the 360. From the get go, I knew I wanted Geometry Wars, so I got that, downloaded the demo for Assault Heroes, which was hilarious, and played through Gears of War.
In terms of capability, I think that the 360 is more than a match for the PS3, thanks to the unified online service and the capability to download games and whatsis. I believe the PS3 has the ability to download, but the specifics aren't clear.
I was extremely impressed with Gears of War, though not blown away like most people are. The graphics are the best I've ever seen in a game, painting a dystopian future extremely well. The gameplay is fun, but not quite as mind blowing as the graphics. I expected a deeper squad system as well as a button mapped for grenades, but I was sadly dissapointed. Either way, the game is a blast, and though I already beat it, I'm going to play through again.
Currently the games I have are Gears, Viva Pinata, PGR3, and Kameo. I'm planning on picking up GRAW and Vegas at some point, as well as Enchanted Arms and Perfect Dark Zero. I'm really looking forward to Mass Effect, it looks like it may be the Baldurs Gate of the era, and even if it isn't, I'm still plenty excited.
If anybody wants to add me to their friends list, that would be neato, my tag is squidsahoy, so gimme a shout.