What really matters in the quality and story telling of the games. But, for games that are on both the 360 and the PS3, GameSpot did a comparison and, in just about every case, the 360 won over the PS3:

The Xbox 360 had better graphics in almost all the games we examined. The 360's biggest victories were in Madden 07 and Fight Night Round 3, where the differences in texture detail and lighting stood out in our comparison shots. We couldn't capture this in the screenshots, but the Xbox 360 games generally offered better framerates too.

Source: Xbox 360 Versus PlayStation 3 Graphics Comparison - Features at GameSpot

Gnash. Gnash. Gnash. That's the sound of the PlayStation fanboys.

Looks like folks can get a better, readily available system for $200 cheaper right now. $200 can buy three games and a controller or a wireless headset or a guide book or... it goes on and on. Oh! And 360 controllers? Rumble. Sweet, sweet, rumble.

And don't go preaching Blu-Ray. That's a no-op except for the ability of a game to load lots and lots of content (perhaps uncompressed for quick loading). Though of the above games, some actually load slower in the PS3. Hmm.

Come together comment: so I think both systems are really good and you should get the one that makes you happy that has the games that make you happy. I'm sure it will all come down to the exclusive titles. But the PS3 does not have a graphical advantage over the 360. It also does not seem to have a performance edge, either.