Summary: This is a great system, nonetheless. However, I find myself playing my PS3 more often simply because of the free online play which is not offered in Xbox. As far as game releases, it has heaps of different awesome games.
Summary: I have to say that the XBOX 360 is amazing, it eliminates the need to be constantly upgrading your PC to play different games, is very cheap (got mine for £55 GBP) and although they are prone to RROD, mine that was made in Sept 05 is still working great nearly 4 years on.
Summary: A great system, I got mine for free as broken with the RROD error. I fixed it and am using it but I have to say that I am totally disgusted with the design of the inside of the console. It is horrible.
Summary: The 360 is an Ok system, has nice graphics, a nice library of games, can be used as a media player. The bad online gaming not free, has no wireless networking, no high def drive normal dvd, can't transfer some of my media to its HDD.
Summary: Pretty good, the library of games is very good. I played my friend's 360 several times, seeing that he's got a hell load of games (over 50... Not a chipped XBOX) and the controller impresses me, but the buttons are awkward for a PS3 owner.
Summary: have had mine since before launch, have had minor issues all quick to be fixed by customer service(1week), so great unit for the cost. but would recommened buying the elite or the new premium being the larger hard drive will eventually be needed.