Fair enough, here's my crack at a fair and balanced comparison: gotta find a way to prove hpman wrong in his assessment of my ability to be impartial (that's not the Fox News type of fair and balanced..... just my attempt at assessing the strengths and weaknesses of each platform).
Processor - Cell vs. PowerPC Chip. Technically, PS3 should be more powerful, so it wins on brute strength, but I'll temper this with a caveat that most programmers won't be able to exploit the advantage in their attempts at developing multiplatform games. Exclusives are a different story and should find a way to push it to the limit eventually (a la Gears of War is doing now)
Controller - batarang er, "old school" PS controller vs. XBox wireless controller. MS wins this one. Comfortable grip, responsive buttons (well except for the wimpy DPad, but since I primarily use the analog sticks it isn't a problem for me) and most importantly, it can easily establish a connection with the console without plugging in to reinitialize like the PS3 (as I read elsewhere)
Internet capabilities - MS had a headstart and has exploited it fully. LiveArcade is a breeze, very little latency when a good broadband connection is used. PS3 doesn't require the fee that MS does, but I believe the onus is put on the developers to establish the server resources (I'm guessing on this one based on articles I read a few months back, feel free to correct me if I hae bad info here). I'll grade this one as an incomplete and give Sony the benefit of the doubt that they will get it to an equal level soon, but they have a high bar to contend with.
Video capability - Sony wins with BluRay and 1080p availability via HDMI out of the box (cable sold separately). MS offers 1080p via component only, which many don't support. HD DVD looks just as good (using store displays I've seen as a guide), but Disney, Fox, Sony, and MGM titles are NOT available right now for HD DVD. Blu Ray users need only forego Warner Bros., Universal, and Image titles right now. Paramount and a few others hedge their bets and offer both (a path I hope they ALL take..... so consumers can decide for themselves...). If we must, make it like VHS and Beta was in 1980... peacefully coexisting as far as the studios were concerned).
Audio. - Assuming Sony can pass HD DTS signals, they will win this by a nose (er, an ear) by supporting more codecs, although 360 somehow converts DTS to a DD output, so it isn't a fatal shortcoming, just a puzzling design choice... one that will probably disappear via a future upgrade if it becomes an issue (I know...... you call BS on this, I gave you the win for now)....
Family Friendly - MS gets the nod on this one. Different zones set up attempt to shield Junior from some of the riff raff so they can play Viva Pinata in peace. The camera images can be set to default OFF if you have children and are sensitive to this. Lots of old school Arcade titles suitable for the under 10 set....
Games - Tie. For every Gears of War and Halo 3, there is a Final Fantasy and Killzone. Category killers like Grand Theft Auto will be day and date for both systems next time around.
Programming Content - MS plants the flag on the first iteration of TV over IP with movies and TV content hitting today. If you are a VOD fan this may win you over. PQ may be an issue as huge file sizes will occur otherwise. But it will be nice to have a way of catching up on that Heroes episode you missed....
Soundtracks - MS lets you 86 the thrashmetal soundtrack from any game and replace it with anything you want that is on your drive (or your connected PC, Ipod, or Zune). This is one of my favorite capabilities. Try playing the Uno Arcade game WITHOUT this feature and you'll go slowly insane.
Initial game slate - Sony wins. Call of Duty 2, PGR3, and Dead or Alive 4 were the only decent games available near launch. Perfect Dark Zero was the biggest disappointment, with Kameo following close behind. Gun and Condemned had their fans, but I wasn't one of them. Madden 06 flatout sucked.
OK, using my comparison the 360 EKES out a slight edge, but any one of these factors may be more important to you (Family Friendly?, who gives a rats tookus!).
Is either machine dramatically better than the other? No. If you don't want HD DVD, then 360 may be better for you as it is a couple of hundred bucks cheaper. Supply is a real problem for Sony right now as initial estimates are that only 200K consoles hit the stores on launch day, so if you CAN'T wait past Christmas, it may make the decision for you by default as the 360s are plentiful. Basically none of these will make any fanboy switch sides, its the casual buyers that are in play.....
How was that?