Either way you go it's a win. Personally I'd say go with a PS3. 

Mass Effect 2, done and done.

At this point, I would say the PS3 is a better choice. However, I would be lying if I said I didn't enjoy my 360 more. If you prefer multiplayer over single player, then I would also consider a 360 for that. They both have great exclusives. You aren't going to buy everything on your list, so really look over which exclusives you want to play more and which multiplatform games have been touted as better on the system you're leaning towards.

Just an FYI, Mass Effect 2 will be available on the PC the same day as the Xbox this time. And all BioWare games run and play better on PCs.
 
The deciding factor will be PSN or XBL. Which games do you enjoy more ? XBLA is seeing a lot of rereleases of good old arcade games while PSN has a huge selection of PSX games.  If you're an RPG guy, go with the PS3. There are a lot of good RPGs on the PSN.  PS3 is also better from a price point of view, plus it seems to have better reliability. And you get a blue ray player which will be a de facto standard for quite sometime.
 
On the other hand, XBL is pretty awesome if you enjoy a lot of 2d scrollers and action games. Shadow Complex and Splosion man are probably the best scrollers available right now.

Having both systems I will have to say that the 360 is the one you should go with. If you plan on playing any multiplayer, xbox live is great. . More people you know probably have a 360, I have 1 friend on PSN.  Being a long time Playstation guy, I now prefer the 360's controller (other than the d-pad for fighting games).  
 
The exclusives on 360 are superior to PS3 (MGS4 is the exception). I hated Killzone because the dualshock is terriblwe for FPS games. Plus is just made me want to play call of duty, so thats what I did, on my 360.  My PS3 plays blu rays and dvds, and my 360 is always on for games.

Personally, I;m going to continue to wait on the PS3 until it is backwards compatible with the PS2, but not everyone values that particular feature as much as I do. I'm more than happy with my 360, though perhaps I had an unfair advantage, buying one last year at 200 bucks with a hard drive and extra controller.. Mass Effect is fantastic, as is Fallout 3 and GTA4. Also, remember that the non-japanese PS3 may never get an english version of Tales of Vesperia (the PS2 got a port of Symphonia in japan, but that port never made it across the ocean). Of course, if you get a 360 and don't already have an XBOX, there are a number of old exclusives that it is backwards compatible with (probably the number one reason why I chose the 360)

" @girdz said:

" @Godwind: I find that third person shooters work much better with controllers. They were just examples though, there are plenty more. "

Is uncharted so good that it will rip off my balls, chop it up three times, hot weld it back together good?  Otherwise, it isn't worth considering. "

In my opinion, PS3. Its cheaper now, has a really diverse library, free online, more better games coming out in the future (IMO), bluray, and a lot of other great features on it that these days make it a better choice.  I own both systems and I definitely see more potential coming from the PS3 in the future.  I love the 360 too, but if you were to get one, get the PS3.

You cannot really go wrong. If you already have a BluRay-player, I would favour the 360. If you have a high-end gaming PC, I would favour the PS3. 
 
No matter what you choose, you will have more high quality games than you could ever finish.

I own a 360 and Wii. However, if I were to buy a console (without owning my current systems) at this stage I would probably lean towards a PS3. It's the newest system of this generation so the technology will last longer and games will get better as developers get more familiar developing on the platform. Also, pretty much most big games come out for all consoles these days (specially with this economy) so title exclusivity isn't a big deal. 
 
However, a major factor would be whether you have more friends on XBL to play with or on PSN.

PS3.  I can't stand having a system for less than a year and having it break due to hardware -_- 

It seems the vote it solid.  I will have to pick up a PS3.

I can't believe MB moved this after 3 months.  Lol.