I now have an xbox 360, and I am very happy with it! Graphically, I can't tell the difference betwwen xbox 360 and PS3. As I expected, the xbox live component destroys the PSN network and it's catalog (for now). Having said that, I have yet to download the Home software for the PS3.
Hardware wise, I still like my PS3 for the PSP interaction, built in wi-fi (lets face it, all devices should have wi fi built in now), and blu-ray standad, but in the end, its all about the games, and Xbox has them.
I got a handful of xbox live and retail games, (smackdown vs raw 2009, and Mass effect which I am enjoying. I really like the ablity to purchase episodes of shows. Previously, I had done this on Itunes and Amazon, but it works great watching them on my TV through the Xbox.