They share most of the same games and are very similar in a lot of ways.
Differences:
Online - free on PS3, not free on 360.
Controller - Sticks are more sensitive on DS3 than 360 pad, meaning they allow for more sensitive movement (better for shooters), but this also means they are harder to wield right off the bat. The face buttons are pressure sesnitive, which doesn't mean much since multiplats can't take advantage of it.
Exclusives - Sony tend to have a wider variety of exclusives, and they also take more chances with them. The downside of this is that few of their exclusives are made to ultra high quality standards, at least until they get a sequel.
Audio -If you have a nice audio set up, the ps3 will take advantage of it more. More space on disc means uncompressed audio for most games.
Media - When I had a 360, it was much more limited than my ps3 in what video file types it would play. I don't know how it is these days, but in my experience the ps3 was the better digiital media player. And, of coure, you have blu-ray vs. DVD to consider.
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