I have both, and it seems to me that the PS3 would win that competition hands-down. It's more reliable, it has better graphics, it has a better and wider game selection, it has a much wider selection of downloadable games and such ...

And all the online stuff is free. You can buy games and have them saved to your hard drive (I have FF's VII, VIII, IX, and Tactics on my PS3 hard drive, and I'm currently playing through Red Dead Redemption, which I bought through Playstation Network and saved), and there is a good selection of add-ons and art that you can buy, but there's also a good amount of free stuff. And just accessing it is free -- you don't have to pay for "Playstation Live" or anything like that, you can get on the network and shop, or play games online, for free.

Throw in the Blu-Ray player, and my vote goes hands-down for PS3.