I'd just like to shed my point of view on this.
I just recently purchased a PS3.
Now the reason why I chose a PS3 vs. Xbox360 was a couple of factors.
One of my good friends at work has had to go over 5 different 360's because of the red ring of death. He has had a 360 since it came out. The only reason why he hasn't jumped over to PS3 is because of all the songs he bought on Rock Band (he has over 100+ songs now including all the unlockables).
We always play the PS3 vs. 360 at work debate. He has more games, faster releases.
We have better titles, less death of the system.
For every 10 million 360's sold, there are 2 million defective systems from what I was told. So that's about 1/5th? That's what I heard as the failure rate of it is. Just about 22% while the ps3 and wii both have about 3% failure rate. I can be wrong on this.
I did buy the 80 gb with MGS4 on it. I didn't finish it yet, since TF2 just recently came out with those damn pyro achievements and unlockables and turbine map argh.
You can also save the world with the ps3. Folding@HOME anyone?

I just fold at night and not during the day, my room does get hot and I don't want to end up with a dead system either due to negligence.