It really depends on what you expect out of it. I've had mine over a year and I haven't had a single problem with it, other than trying to play a super scratched disk. I've played a PS3 and a 360, and to be really honest, they're rather equal. the 360 does have a larger library than the PS3, and in that larger library there are good games. The hard drive for the 360 is generally smaller than the PS3, unless you're forking over almost 500 for the 360 Elite for a 120gb HDD. Graphics on the PS3 and 360 are similar, though I'm sure people are willing to argue, and though you won't notice a huge difference, I'm sure the PS3 will look sharper in HD. There's also paying for Xbox Live. That's a drag, yeah, however, the online experience is filled with more people. Unless you yourself have a bad connection, you'll pretty much never experience lag. I've heard of people on PSN waiting twenty minutes for a game on Guitar Hero III. When I've played, I wait around two or three minutes. PSN is free, but there are supposedly less people on PSN than XBL. Both have marketplaces you can buy from, so that doesn't really matter. I've heard more of controller/accessory problems on the PS3, controllers not working as well. For the 360, wired internet is free, and you have to buy a $100 adapter for wireless. PSN has free everything, if I recall.
It really depends on what you want. If going by price alone, the 360 is your bet. If you play a year worth of XBL, it'll still be less than the PS3 and PSN, but if you play XBL for more than a year, expect the cost to quickly catch up to the PS3. Both can do things like download extra content, and both have good games. Preference is the key here.
Hope this helped.