Even the newest X-Boxes (360) have a pretty nasty failure rate. I didn't realize how bad they were until checking into it today. Yikes!
Seems more than a few X-Box folk are resorting to owning two. One is simply to use while the other is in for repair. That seems kind of awful.
PS3 is not failure free but nothing major in that area is or has gone on so far.
My PS3 experience is pretty limited but...
I have fooled with Heavenly Sword, COD4, Marvel: Ultimate Alliance (meh), Oblivion, Metal Gear, Motorstorm (wow), Ratchet & Clank, Resistance, and Warhawk. Maybe a couple others. Didn't spent much time with any one title, but was always impressed with the quality of both the games and gameplay.
On X-Box360 I have only played Halo 3, Oblivion, and Gears of War. All at stores and very limited play time. Halo and Gears played well. Gears looked good. Halo looked kind of cheap pretty much just like Halo (maybe it is supposed to?). Oblivion was nowhere near as nice as the PC version and load times were totally unacceptable. All in all not a bad machine for the price, but I had a better gaming experience on the PS3.
Again however very different environments, and very different time spent.
I think the prices are getting closer aren't they?