Dei's verdict:
PS3 is a versatile machine. It's faster overall, and plays blu-ray. Online subscription is also free. But, their network is not well protected as hackers can easily infiltrate through their security (Can easily snag your credit card info.).
Xbox360 is a hardcore gaming machine. It doesn't only boast top of the line games, It also offers the innovative-revolutionary Kinect, which is basically a Jack of all trades. However, you can't watch Blu-ray discs and have to pay for its online subscription.
Both consoles, however, have an equal catalog of GREAT games. Although, they have their own exclusive games, most of the BIG games are non-exclusive (Call of Duty, Final Fantasy, etc) so you can enjoy them either way.