Xbox died on Sunday, and while I could just have it sent off for repair/replacement, I decided this was my cue to switch consoles for a while. I can't really justify at the age of 27 to have two major consoles in my flat so once the Xbox has been fixed, i'll probably sell it. I already sold all the games I had for it. 
 
As for all the 360 exclusives coming up, I don't mind catching up with those maybe 3-4 years from now. 
 
Just like now, when I have to catch up with the finest the PS3 has to offer. I started out getting Infamous and Little Big Planet. Probably getting Killzone and Uncharted as well. What else should I check out that's exclusive to PS3?  I tolerate most genres, I should add.
 
Also I should say that I think the Cross Media Bar GUI is super slick.

Valkyria Chronicles is pretty good, so is Demon's Souls.

Metal Gear?
 
METAL GEAR!?
 
 Oh, and have a look around PSN.
 
Lot's of interesting downloadable games as well.

Get Folklore. It's really different, Silent Hill meets Pokemon type of game. Resistance 1 is really fun and has an old-school shooter feel to it, haven't played the second one so I got no opinion. Uncharted is excellent. If you liked Genji for the PS2 then get the sequel for PS3, Days of the Blade. It's OK. 
 
 How are you liking LBP? I ended up selling my copy because the physics are annoying as hell, and I feel that the game could have so much more polish because it became unplayable for me. I was really hoping to like it but it got too frustrating and deaths were happening in places where deaths should obviously not be happening, and you play online and people take all your lives because not very many people are good... sorry for that rant, bad memories with that game!

I think that's a good tactic - I think I will do that next gen. Start with one console and then switch to another for a few years.
 
The games I've enjoyed recently - Flower, Fat Princess, Wipeout HD, Noby Noby Boy. All downloadable, all great value.

Invest $50 on PSN, and get yourself Fat Princess, Shatter, Flower, Super Stardust HD and you'll still have $7 to play with later on.

Fat Princess is addicting, but good lord does that network code have some connection issues!!

MGS4, Ratchet and clank

Definitly Uncharted - its an excellent game. You may want to check out a Ratchet game if youre into platformers aswell

I remember when Folklore came out, it seemed really interesting to me so I might check that out soon!  And yeah, Flower is also on my list. Ratchet and Clank too, most definitely!!
 
Forgot to say I've already played MGS4, it was basically in my top 3 for 2008. 
 
This is all pretty exciting, I love that "new console" feeling.

Oh and I didn't mean to say that people over 25 can't have more than one console, I just feel that when you're living with someone and you've got limited time, I can't justify a) the costs involved and b) the total amount of time spent gaming, which is already pretty high in my case. 
 
So that's why I chose to switch for a few years

Metal Gear Solid
Folklore
Ratchet and Clank 
Uncharted
Ninja Gaiden
Killzone
Little Big Planet
Assassin's Creed
Prince of Persia
Street Fighter 4
Blaz Blue
Devil May Cry
Resident Evil
Persona

" Invest $50 on PSN, and get yourself Fat Princess, Shatter, Flower, Super Stardust HD and you'll still have $7 to play with later on. "

Since everyone else has already posted pretty much everything on what to check out game wise, I will just add that you should check out Warhawk if you liked Star Fox 64 back in the day as the game play is very similar and it's fun in the same way Star Fox 64 was fun.

Almost no one mentionned Uncharted, what the hell is wrong with you people.
 
Look kid. Get Uncharted. Now.... i'm waiting.

Forget Uncharted and get MGS4 instead. Fat Princess is a good downloadble game, if you're looking at those.

nice, i think that if u like 360 just stay with it.

Welcome to the club, so to speak. I would recommend you check out Resistance 2, Metal Gear Solid 4, Super Stardust HD, Shatter, Fat Princess, if you're into PSN downloadble games.

Man, there's really not much I can add to this thread that hasn't been said.
 
You really do need to have both consoles to be able to play all the games necessary and bring balance to the universe, so, I guess I'll just second the "keep both consoles" sentiment :) 

Warhawk is one that I really want to try, both Resistances as well 

Do not hesistate to get Valkyrie Chronicles, fucking awesome game and needs to be played, but my personal favorite is Killzone 2.

Get Motorstorm and Uncharted, both awesome games.