As said before, both consoles have there issues, and TIN made a good point that everything is bound to break at some point. As for me, i like both consoles. I like the way the PS3 looks, and its interface, but to be honest, thats all i like. I used to own one about a year ago (60gb, with card reader etc.) and i loved the card reader feature amongst others, but some of the exclusive games (like motorstorm etc.) got boring very quickly. The only exclusive games i like on the PS3 was resistance one and 2. My god they were awesome.Overall, my xbox got played more so i eventually sold my PS3. One thing that bugs me alot with PS3's games, is the lack of AA. The xbox has a noticeably better rendering technique for the AA, and as a result, super smooth AA. Yet the PS3 does'nt have AA compatibilty in most of its games. How nice for a £300+ console. So ya, XBOX for me any day. Nicer contoller, better graphics, noticeably less slow-down (when there's alot of things going on, for example), more music and video file compatibility, better for media, etc.
Edit: Forgot to mention the online. So what if you have to pay £40 a year? Spread that over the year and its cheap, and worth it! Xbox live is much better than PSN. You get video reviews daily, along with a Q&A video (called the insiders) every monday, free community games, etc. You really get your moneys worth.