I'll chime in:
Everyone talks about "free online" play, and the PS3 does offer that. However, the online experience of Xbox live destroys the PS3, so in that sense you get what you pay for. It's on 49.99 a year
I have owned both systems, and would never go back to PS3. The kinect is an awesome addition to the 360, and it makes fun for the entire family with the games offered.
the 360 has upgraded and wireless is now built in, which used to be a mjor selling point of the PS3 over the 360.
I noticed Zilla talking about storage, the Xbox is also capable of storing all of ur pics, music and etc.
The 360 has some new features such as ESPNLIVE where you can watch live sporting events straight from the box, usually 4-8 games to choose from. 360 also has ZuneFM and Facebook on there as well.
In the end, it's going to be personal preference, but I wont pay 40 bucks for a blu ray, so I'm not missing anything.