As someone who really went over this exact question (that is, why should I buy a 360), ultimately I would say that Mass Effect (1) was my major incentive. I love it, but bear in mind some people reeeally don't like it. There are definitely some frustrating experiences to be had there, haha. Mass Effect 2 would be a far more potent reason to buy, but seeing as it's multiplat soon it's not as much of an incentive, but playing ME1 really enriches the experience (more than some people would have you believe, the opening events had me going AW WHAAT with the context from 1, Lair of the Shadow Broker is nowhere near as rich an experience without background context on characters). Also, going into ME3, the game pulls across your ME1 choices (of which there are about 500 according to BioWare) which may give the game more far reaching impact. If you can, wait for the (inevitable) GOTY edition perhaps. Also keep in mind it is very unlikely ME1 will come to PS3 as Microsoft Game Studios (as far as I know) still has the rights. Hell, it's the first thing that comes up when you turn the 360 version on!
I realise I've just talked about Mass Effect but there are a bunch of other great exclusives. Alan Wake is a highly atmospheric third person shooter with some really compelling story elements. Fable 2, while containing pretty basic gameplay concepts, has great progression mechanics and some pretty fluid attack systems. VIva Pinata (the original and Trouble In Paradise), while containing some really ugly design choices is a really addictive sort-of-garden-sim with a fun collection aspect, which I am currently playing (albeit a bit late, haha) and really enjoying. Gears of War is, ultimately, currently the definitive third person shooter experience. The gameplay is incredibly solid, if the story is a little average- there is a good reason why cover based shooters are sometimes called Gears clones- because GOW currently does it best. Halo: Reach (and Halo 3 as well as ODST to a lesser extent), despite divisive positions the series' worth, is still an excellent shooter with a robust multiplayer and with Reach come some cool progression mechanics and stuff like the Daily Challenges. Those are just the console exclusives I have played; other exclusives like Forza 3, Left 4 Dead 2, Crackdown 1 (let's just... forget 2 exists, haha) and Banjo-Kazooie: Nuts and Bolts I have also heard praised, and I trust the folks at Giant Bomb who have high opinions of the aforementioned games. Other high profile exclusives are stuff like Splinter Cell: Conviction and Too Human which have more mixed opinions, but I have friends who assure me they're both good games worth a purchase/rent at least. I also feel I should give Bayonetta a mention because I love it so much- while it is by no means exclusive, many outlets have given split platform review scores favoring the 360 because of graphical/loading issues with the PS3. I love Bayonetta.
Finally the Xbox also has some pretty sweet downloadable games. Limbo is an incredibly atmospheric platformer where I still found myself loving it after 50 or so deaths (some of the traps are brutal), Shadow Complex and Geometry Wars are much loved by the Bomb Squad (but I've never played them myself), there's also stuff like Monday Night Combat, nostalgic up-ressed Banjo Kazooie and Perfect Dark, 'Splosion Man and Trials HD, all games I have heard great things about. I've typed too much now but I just went through my slightly OCD pro/con list I made a while ago trying to figure out whether I should get an Xbox and tried to make it into real words. I decided to get one in the end, and I think it was worth it. Maybe just for the 'boo-lip!' sound of achievements unlocking, haha.
EDIT: If you're just tossing up between PS3/Xbox and not just 'should I get one', the PS3 also has a bunch of incredible exclusives (cough, Uncharted 2) that I think deserve serious consideration, but I just get the feeling this is a 'should I get one post'.
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