Everyone saying that PS3 is going to be the shit really hasn't been paying too much attention to things.
From the developers standpoint, the ones making the games we're all going to be playing, the consoles are equally as powerful...but Microsoft has the advantage in a few areas. One being that it's a much easier environment to develop for. Another being that they have the XBox Live network which is about more than just playing against your buddy online.
This is just phase two for Microsoft. They still have a lot of ground to cover and don't expect to win the war with this battle.
http://www.joystiq.com/entry/1234000680063369/
PS3 will be a great system and there will be some great exclusive games. There will be one here in my house too, but I'm willing to bet the XBox360 get's more hands on time...just like now with my XBox and PS2.
My XBox360 is still sitting in it's box unopened. I'm still trying to catch up on all the great XBox titles that have come out in the past two months.