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I've only got the 360... also a Wii by extension, but that doesn't count (I mean the system).
I was a pretty early adopter of the 360 mainly because of bunch of my buddies were getting one. Good thing too because I've never looked back - even with a few RRODs.
At this point, both systems are great. Both have huge back-catalogues of multi-platforms and console exclusives. Both are relatively inexpensive as compared to each other. Both have new control peripherals coming out soon if you REALLY want to drop some cash on that shit. And now (apparently) both are stable/reliable systems that if bought now should easily last you until the next gen of consoles comes out - and likely a lot longer.
I'd say go with what your buddies most have first if you're into online gaming. As much as everyone loves to shit on the XBL community, I've played on both and BOTH are shit without friends. If you're not into online, go for whatever system has the games you would like to play the most. 360: Mass Effect, Halo (shit, but have to mention it), Gears of War, Alan Wake? PS3: God of War, Heavy Rain, Killzone, etc...
Good luck dude. I guarantee you'll be happy either way.
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Go Canada!
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