If you could sacrifice Xbox Live (which is pretty amazing), and great game titles like Halo, than I think your money would be better spent elsewhere.
The Xbox 360 is overall a good system but has alot of bugs, alot of issues, alot of accessories that SHOULD be provided, but one would really want and has to buy, and just overall could use alot of improvement... Did I mention it's made buy MICROSOFT.
The PlayStation 3 is like the MAC of the gaming world. It really is better, has everything you need, isn't cheap, but definitely isn't cheaply made, will definitely last longer and is definitely easier to use, and like I said, if you can sacrifice a few things, is definitely the better buy.
But if you feel you MUST get an XBOX, make sure to get an Elite...so much better value than this.