I played on a neighbours Xbox 360 recently bro and it is a very good game console and the graphics looked awesome but he has since said to me that he's had a few problems with the console such as error messages occuring during game play for no apparent reason.
I am seriously considering buying an Xbox 360 but I've heard from a contact in my local "Game" store that the PS3 should be with us by spring, (by which I assume he means the U.S.), and definitely in the U.K. by summer, so I will probably wait for the PS3 as I've had a PS2 for 2 years now and it's still running as well as when I first bought it.
Warm regards