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Pros:
Xbox live
Game Choice
Storage
Price
Looks
Cons:
Accessory Prices
RROD
Noise
Playstation 3
Pros:
Blu-ray
Free Online
More reliable
Cons:
Price
PS3 Home
Glossy Casing
Xbox 360 IMO.
Both consoles have been out for a number of years now, and I think its safe to say there is no winner. It's all about the games.
360 certainly seems to have more but the balance is pretty equal at the moment.