Alright, here it is from the most unbiased perspective I can put forward:

360

pros:
-Came out earlier, has more games at the moment. Whether they are good or not, i'll leave up to you.
-Can play HD-DVD's, and games in HD. (30GB on a disc)
-Is designed to network with windows vista.
-Graphics and processing power are far better than anything from last generation.
-Has an already established and successful online system that is being built on and expanded.
-Decent price.
-Hacks will be developed for it, that allow it to do a lot of cool ####.
-Controller has vibration.

cons:
-Lack of original "groundbreaking" games at the moment. Many of its must-have titles will be available on not only PS3 as well, but also PC with better graphics. (for example sports games, and games like bioshock, oblivion and GTA4, however Halo 3 is on the way which some people think will be excellent)
-Slightly inferior hardware to PS3.
-HD-DVD format has risk of becoming redundant, because of better technology, so compatible movie choice could be limited etc.
-Not strong in international market, particularly eastern countries. Places like China, Korea and Japan has expressed very low interest, not only sales-wise, but when developers were surveyed the 360 ranked right at the bottom of the "console you are most excited about" list. This lack of international support could mean limited games, because we all know how dope asians are at making games.


PS3

pros:
-Is capable of better graphics and processing than the 360.
-Has an entire CPU devoted to physics processing, allowing for more realistic games.
-Is guaranteed to have many excellent games, if your taste is PS. (eg FFXIII, MGS4, Gran Turismo, Tekken 6, Virtua Fighter, Devil may Cry, etc) Also offering promising originals.
-Blu-ray is superior to HD-DVD. It allows for more storage, which means higher resolutions, more content, etc. (50GB on a single layered disc, and they can add more layers)
-Online service has been vastly improved to include many of the features xbox live offers.
-Connectivity with PSP.
-Can network with other devices like printers, scanners, computers, PSP, phone.
-Has bluetooth, so bluetooth devices are compatible with it. (eg mouse, keyboard etc)
-Has support internationally.
-Controller has 6-axis motion detection. Meaning you can control compatible games (like driving games) by just moving the controller instead of pushing buttons. For example, in gran turismo instead of pushing left and right, you could rotate the controller left anf right.
-Hacks will be developed for it as well.


cons:
-Controller lacks vibration. For people who are fans of this from last generation, could be a let down. But it was either motion-detection or vibration, and they chose new over old.
-Online service does not have someone like microsoft backing it, so could grow less.
-Costs a fair bit more than a 360.
-Is slightly bigger than the 360.
-There is probably more, but thats all I can think of right now.

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By the way Q, I reckon you should definitely pick up a Wii as well as a PS3 or 360. The new tiger woods game coming out on it... #### is dope. You hold the controller like the handle of a golf club, and swing. The controller is really sensitive, it'll pick everything up. Theres already 3 golf games coming out for it, but the first "realistic" one is gonna be tiger woods, and one of them (Wii Golf) is included when you buy the console (as well as Wii Tennis, Wii Bowling, Wii Boxing and Wii Baseball.)

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