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I would say that if you want your gaming console to also be used heavily for local multimedia playback (i.e. BluRay, streaming your personal audio and movie collection), then get a PS3. If you will primarily use it for games and not much else, then ask yourself how important online multiplayer is. For me, it is the only reason I own a high end console, so I am sticking with XBox. Yes, I pay a yearly fee for XBox Live Gold, but it is absolutely worth it to me because, when I want to play, the network is always up and I can count on it. Match-making in Street Fighter IV series on XBL has always been perfect and I can find people to play against any hour of the day. I'll happily pay for that. I have heard plenty of complaints about PSN from Street Fighter players.

Netflix playback works fine on both, but I just spent a good chunk of the day watching college football yesterday through the ESPN3 channel on XBox Live, which is fabulous since I do not cable or satellite. That is an XBox exclusive. XBox will also be getting some other content exclusives later this year.

Having said all that, if you just want to play games with others who are in the same room as you, you will probably be happy with either console

We've had a lot of these questions so I'll answer them like always:

PS3
It's really not even close. It's by far the best console out on the market. Consider that the US Air Force spent $600K buying PS3s to compute large sets of data since it's a very powerful box considering the price.
Unlike the Wii and Xbox 360, there's no hidden costs, like extra attachments for controllers, wifi enablers, bigger hard drives to buy, proprietary headsets, RRoD, paying to play online, buying battery packs for controllers, and you can use one PS2 controller if you buy a $5 adapter. You can use a simple USB cord to charge the controllers and you likely have a bunch just lying around!
Yes, the PS3 was $600 when it launched, but now it's $249 and you can use an old PS2 controller, just about any bluetooth headset and don't have to pay a cent to play games online. I installed a 500GB harddrive into my PS3 that I bought for $60 on ebay. My fat 80GB that I bought used and plays most PS2 games didn't need the bigger hard drive, but I didn't have to buy a proprietary drive from Microsoft like you would if you bought the $200 Slim Xbox 360. I store pictures, movies, music videos and some songs on my PS3. Everyone I know with an Xbox 360 has had at least 2 of them, if not 4 because of the dreaded Red Ring of Death.

The Wii doesn't do HD, so it really shouldn't even be an option. I may seem snooty, but the difference is big. The Wii also doesn't have the quality selection of games that the true next gen consoles (PS3 and Xbox360) have. Buying all the extra attachments, battery packs, peripherals, etc reveals all the hidden costs that come with buying a Wii.

Even if you don't own any blu rays, having a blu ray player with the PS3 is a big bonus. With RedBox, Netflix, Blockbuster, etc you can see just how awesome the graphics are at 1080p with a blu ray disc. All these consoles do Netflix so that's a wash, but the PS3 also does MLB.tv, NHL gamecenter, Vudu, Hulu+ and just recently NFL Sunday Ticket. If you like simplicity in your living room, the PS3 really does everything.

I have the controllers for the Move, it's PS3's version of the Wii and the motions are much more accurate than the Wii, but it's not a reason to buy the system unless you have kids or hate traditional-sit-on-couch-by-yourself-and-relax gaming. For a light or heavy work out, don't discount the Move games, I have the Sport Champions game and The Fight and both can get your blood going!

Lots of people may say Xbox 360 is better because that's what they have. They have had multiple Xboxes, pay for online gaming and all pretty much play the same game. If you want to be with your friends, just know you're making a decision based on your friends, not the reasonable choice based on the quality of the product. In my experience, people talk more about playing than they actually do. You will save money buying a PS3 and be able to use that money to buy more games instead of battery packs, headsets, Xbox live and a bigger hard drive, not to mention a new console if you buy a used one and you get the RRoD.

I play lots of different games, mostly by myself, but sometimes with other people and love my PS3. It's very flexible in that it can be used in so many different ways and It has everything the Xbox and Wii have, plus it plays blu rays!

I like my PS3. I use the Blu-ray player, which gets all the updates easily because the PS3 has internet. I like the exclusive games better, like Uncharted. Online gaming is free I believe (I don't use it though). I also use its Netflix streaming but I think Xbox has that too.

BUT, I'm about to get an Xbox. Mostly for Kinect. And when I do I'll also get Xbox exclusives like Halo and Gears of War.

I like to go by what you want to use it for.
For Blu-ray DVDs, fighting games, single player, and occasional multiplayer, one might say PS3.
On the other side of the fence, Xbox 360 is heavy multiplayer, community and social oriented, and (after Fall 2011 update) media streaming services.
As far as I know, prices are about the same, however, I believe Xbox's accessories could be a little cheaper.
So summary, it depends on what you want to do with it.
Examine why people use each platform, and decide on that.
(BTW, if this sounds one-sided at all, it's because I don't own a PS3, I'm just going off what I have noticed so far.)

All I can say is I own both the PS3 and a XBox 360, No matter how much I try I always end up playing on the 360. The controllers are heavy and feel nicer than the PS3's. The 360 achievements keep me going, trophies aren't the same as I'm constantly "resyncing" to see my friends and my trophies. Also 360 motion capture (Kinect) is better that any of the other consoles.

I'd suggest the XBox only if you're not already in the market for a bluray player, especially bluray 3D and have a supporting TV - the go the PS3. I still play the PS3 for things that are that console exclusive (Grand Turismo, Resistance, etc.)

It's completely subjective because different consoles tend to work better towards different genres.

Wii - more family oriented gimmicky games
PS3 - their exclusives blow the 360 away but the controller is terrible for FPS
360 - Fantastic if you like online play and especially for FPS as the controller is great for that

As for extra features the PS3 & 360 are very comparable right now. They each have their own content over the other so that may help.
PS3 - Vudu, Netflix, MLB.TV, Hulu
360 - Netflix, Hulu, Zune, ESPN360, Last.FM, Live TV (Coming soon)

You should get a ps3, I have both and I love my ps3. The exclusives on the ps3 are better than the 360 ones to me too, not that the 360 exclusives are bad, but there's just less amazing ones. The ps3 has some pretty amazing exclusives, like:
-God of War
-Heavy Rain
-Ratchet and Clank
-LittleBigPlanet
-Uncharted
-Metal Gear Solid 4
-Valkyria Chronicles
-Gran Turismo
-Fat Princess
-ModNation Racers
-Infamous
-Killzone
Plus it's cheaper over the long run so it won't be that much money (online isn't bad and it's free, you can have as many online accounts as you want, you don't have to buy batteries, it has less of a chance of failing). There are a lot of fun single player games but LittleBigPlanet is a really fun online game to play with your friends, it revolves around your creativity and you can create or do almost anything. It would be a good choice, the 360 is great but in my opinion, the ps3 is better.