Debating which system to get? Well here are the facts:

Backwards Compatibility
360: Most Xbox games
PS3: All PS2 & PSX games

Graphics Processor
360: 500 MHz
PS3: 550 MHz

System Performance
360: 1 TeraFlops
PS3: 2 TeraFlops

Controllers
360: Wireless. 4 Controllers
PS3: Wireless, Bluetooth. 7 Controllers

Game Media
360: Dual-Layer DVD-ROM. 17 GB
PS3: Blu-ray BD-ROM. 54 GB

Video Output Resolution
360: 480p, 480i, 720p, 1080i
PS3: 480p, 480i, 720p, 1080i, 1080p

Wireless Connectivity
360: 802.11a/b/g Wi-Fi-ready (Needs extra adapter)
PS3: 802.11b/g Wi-Fi, Bluetooth 2.0

I/O Ports
360: 3 USB 2.0, Ethernet
PS3: 6 USB 2.0, Ethernet, CF Slot, SD Slot, Memory Stick), Optical Audio

Digital Media Formats
360: CR-ROM, CDR+W, DVD, DVD-ROM, DVD-R, DVD+R
PS3: CD, CD-DA, CD-DA (ROM), CD-R, CD-RW, SACD, SACD Hybrid (CD layer), SACD HD, DVD-Video, DVD-ROM, DVD-R, DVD-RW, DVD+R, DVD+RW, BD-Video, BD-ROM, BD-R, BD-RE

Online Gameplay
360: Yes, with paid subscription
PS3: Yes, free online access

GPU
360: 500MHz ATi
PS3: 550MHz NVIDIA