Xbox 360:
Advantages:
-Natural feel to the controller, easy to hold, also bumpers and triggers are easier than that of the PS3. (What is up with the R2 and L2?Q)
-Windows Media Player compatibility with music, films and photos.
-Extensive market place, with content for almost every game, an elaborate array of films, and tonnes of extra content like avatar items etc.
-Xbox Live has a considerably large fan-base and certain games can also interact with Windows Live.
-Microsoft Points are an excellent idea, because they are just at a set price, you could go online and pick up a card with points on it, and it could be cheaper than somewhere else, where as if it was just $10 or whatever price, it would always be that price, meaning you can save money on some things if you're smart...
Disadvantages:
-You have to buy a wifi adaptor to play wireless
-You have to pay per month to use xbox live.
Also, with the release of the xbox, the chances of a defect to take place has been considerably lessened, meaning that the 3 Red lights fight is basically useless now.
PS3:
Advantages:
-It has a blue-ray player which gives better sound and graphics
-It has free wifi
-It doesn't use a points system for downloads so you know exactly how much you are buying something for
-Free online music streaming (vidzone)
-It has BBC iplayer
-It can run linux OS so it can double up as a pc (not on the slim)
-You can get play TV on it
-you can connect your psp to your PS3 and remotely access your PS3
-Has a low failure rate (although these rates are changing from year to year.
-Lots of media support such as photos, videos and music.
-Controllers charged by usb cable.
-It has a browser
Disadvantages:
-It is expensive although prices are on their way down
-not all models have backwards compatibility
Honestly, there aren't many things that would make one stand out further than the other at the moment, I'd say that the one that wins is because of personal preference, reviews out there will say on or the other at this stage. But I've been playing the Xbox 360 since it's been out, so My opinion is the Xbox 360. But PS3 Is also just as good, even if they did get hacked
-jackzt3r