Considering the PS3 isn't even out yet, I'd go with the Xbox 360. It has some decent games (FNR3, DOA4, NCAA Football 07, WWE v Raw 2007) for it. The graphics aren't spectacular unless you hook it up to a HDTV.
Depends are you a fanboy? Im not and 360 came out 1st so I got 360 but PS3 looks better with a 60gb harddrive and blu-ray but the price will be very expensive.