I got the PS3 in addition to my 360, running on a Sony HD TV, there truely is no graphical difference between the two. Resistance fall of man, looks no where near as good as Gears of War on the 360, and Call of Duty on both consoles, look pretty similar. Load times also awful due to the slow bluray disc speed.
Online play is clunky, and so is the interface. The motion sensitive controllers are a gimmick, and the games don't really suit it.
I would say this is an xbox 360 with a cheap bluray player, and poor online interface.
Xbox 360 + Wii is the best combo to have.