Disclaimer: Wii is best current console at the moment!

But I also tried the other two, and indeed I found them to be pretty similar...
I can, from direct experience, confirm that the dreaded ring of death problem on the 360 has been SOLVED*.
Just make sure you get a model that has the NEW hardware installed (don't ask me how to find out, I dunno LOL ¯\(°_o)/¯)
Also I find the 360's controller to be the better of the two. I even bought one for my PC.
You just don't get a better one for this price

Also WE found the picture looked better using a VGA-cable (sold seperately

), rather than an HDMI,
That is, of course, if your TV has the connector for a VGA?
PS3; well online gaming is free of charge, which is good.
Didn't notice ANY difference in graphics. We were playing on a 42" LCD.
On our 3rd day of testing, the Blu-ray drive failed... which seems to be a common problem, dunno if they solved it later
(note this was somewhere in 2009)
What ultimately lead my friend to pick the 360 was one game:
Star Wars: The force unleashed.
Yes, it IS available on both... but (it seems) M$ payed good monehz to make sure it just doesn't run so well on the PS3.
The controls were sluggish, and the framerate suffered a good bit when there was lots of action on the screen.
On 360 it was a very fun experience.
*My Friend had one about 14 months after he bought his 360, he called the service line about 15 minutes after they "opened", and the guy on the other end told him he was the 20th "red ring" that day. It seems there was a faulty connection between the GPU and its board. They replaced the whole GFX module for a similar brand (I HEARD they actually kicked NVIDIA and are now using ATIs, but I can't find solid evidence...)