Xbox 360 Core Console £200
20GB HDD £70
Xbox Live 12 Month Gold £40 (you get 1 month free)
Component HD AV Cable £20
HD-DVD Drive £120
-------
£440
Xbox 360 Premium Console £280
Xbox Live 12 Month Gold £40 (you get 1 month free)
HD-DVD Drive £120
-------
£440
Playstation 3 20GB £430
Component HD AV Cable £30
USB Memory Card Connector £30
-------
£490
Something else you have to remember about the Playstation 3 is their "Core" system doesn't come with everything their "Premium" version does, and is UNABLE to be upgraded.
For example, the Hard Disk while it is possible to swap it with a standard SATA II 2.5" HDD you must void your warrenty to do so.
WiFi built-in to the "Premium" is also not present and there are no plans to provide a USB kit to allow it.
HD resolutions are not supported, it will output SD resolutions only. (yet allows HD Output)
Add to this the "Back compatibility" is very lack luster. Although it plays a good majority of PS2 games, many of their high-end titles are not supported and tbh the quality which it outputs at especially if you're using HD is just truely horrible compared to the PS2 itself. You get poor colour depth, zdepth is very limited, image interlace issues, no mipmap blending, etc.
Let's not forget the "Free" online service, which sure you can play games for free online; but guess what unless you're using a high-end connection (10Mbit or better) then you will get some serious lag issues, even with the fairly limited number of players. To access your messages, or add friends you MUST drop back to desktop. Nothing can be done on the PS3 on-the-fly.. everything is done via the XMB.
This brings me to another issue with the PS3, there is not auto-detect for Networking, or AV-Output. In-fact if you move the PS3 from one tv to another often you have to turn it off, reset, then run video setup again.
Compared to the Xbox 360, or Wii where you just plug-it in and while they take slightly longer (about 5seconds as opposed to their usual 2seconds) to show the boot logo.. you don't have to piss about with anything.
As for the media player on the Playstation 3 itself, it WILL NOT output in the HD-Audio unless the music/film/video source was using a HD Compression. As such most games/music/film/video will output to Stereo (not even surround) meaning if you have a HD-Audio system most of your speakers and even subwoofer just aren't used!!
While I have my gripes about the Xbox 360, and sure if you want everything you can possibly get with the PS3 you need to spend about the same (still cheaper though) honestly I have far more with the Playstation 3; and the one I have is an American one, which despite Sony's efforts was fairly easy to aquire at the RRP rather than eBay prices.