Both systems have pros and cons, but the PS3 has more cons.
That and it simply isn't worth the price. There is no argument that can be made that validates the price tag. BLU-RAY is more than likely headed to failure, super graphics are still just graphics, and the 360s are a close(ish) second. That and their Japanese launch was CRAWLING with glitches and problems, none of which will be fixed for US launch.
I give them credit for outdoing many PCs (not mine..) as far as graphical capability, but their system falls short of 360 and Wii as far as being worth the money.