360 Elite is the same price as the Slim. I think.
But in HK, the 360 and PS3 both have been slashed in price, but the Elite is still cheaper.

At least here the elite is $50 cheaper than the slim and they're talking about another price cut before the end of the year, presumably they want to steal christmas from sony like so many grinches

Price is about the same. Graphics are about the same.
I'm mostly an RPG and action gamer, so that's where my perspective on things is coming from.
Exclusives are minimal - MGS/GoW3 vs. Halo franchise, mostly. XB360 also had some niche games (Lost Odyssey) that aren't on the PS3 and vice versa (Spectral Souls). FF is going to be multi-platform, and other big titles are multi-platform. Many games like Oblivion, Fallout 3, Ninja Gaiden etc come out for the XB360 first and the DLC may only be available for the XB360.
Differences are in the details: Blu-ray player. PSN with old Ps1 games and PSP connectivity. Xbox with netflix support and lots of movies and tv shows and live arcade, with more games (e.g. shadow complex). Also it has better online multiplayer. PS3 controller is pretty nice too. That six axis bit is really cool, though underutilized.
Honestly, it's a toss-up. Personally, I have an Xbox360 and I love the thing, but if you're more into blu-ray or something, ps3 might be better. This generation, there honestly isn't much difference in hardware (except for the Wii, of course, which is laughably inferior). For me, the XB360 feels more like a gaming PC in terms of the caliber and selection of games. I like that and the access to all the movies. I don't have an HDTV, so bluray doesn't matter to me.
Honestly, I think they're both pretty good systems. Personally, I prefer the XB360. Unless you're a big fan of blu ray, Live/DLC (which is better than PSN) or a particular franchise (I know people who literally just bought an XB360 to play Halo and Oblivion or a PS3 for MGS4) I'd just go for whichever's cheapest.

I do not like DLC. I try to avoid paying for stuff that should be free, but I dunno, there is DLC on the PS3 too (um... uh... PAIN?)

Oh, God, don't even get me started on PAIN. Because that and High Velocity Bowling were pack-ins with the console at one point or another, they just keep releasing DLC for the games. DLC that becomes increasingly more irritating.
Other than that, I heartily recommend PS3.
Even with the hub world and terrible dialogue between the space marines, it's more Halo, which is a good thing for many. The smaller health with a good silenced weapon keeps the action interesting, and the visuals don't disappoint for a game running the same tech as the 2007 blockbuster. Also, I don't know who this Nathan Fillion guy is or why people are psyched about him being in the game, but judging from his performance here, he's nothing special.

YOU DON'T KNOW WHO NATHAN FILLION IS? BLASPHEMER!
Oh, and PAIN was fun for a bit. I liked throwing my guy through donut (cereal?) holes in the air.... then it went stale.

Even if each one has no real finished motion sensing product, I would follow Sony on this domain.
Their motion sensing technology seems fitted for casual 'party games' but also for 'real' games imo. On the other hand, the Natal project seems 500% made for family/party games.
The motion technology is not the most important part for your choice, but keep in mind that it may greatly affect how future games will be developped for both platforms. I mean, if Natal works, the 360 may becoming a big party game console, with not many room for other games. Just my opinion.

Natal reminds me of the way that guy controls Gerard Butler in that bad movie, Gamer.

That movie was a mess. You could just tell how bad it was going to get when some guy started "tea-bagging" a real person he just killed, and someone yelled something about tea-bagging while he was doing it. Also, they need to stop getting actors to do southern accents that aren't good at it. I don't care if Christian Bale was great in Batman and that serial killer movie; he can't do a good southern accent, and neither can Leonardo DiCaprio, Nicholas Cage, and whoever the hell plays the head of the company that makes Slayers in this movie

The evil guy was in Dexter. So he does pretty good stuff too. But yeah, it was trash overall.

I was just comparing prices, don't gotta bitch about it. Besides, the Wii sucks. Nintendo has screwed up for the last time.

Was browsing the PS3 store today, picked up Silent Hill off of their classics store, and saw they had 61 PSX games in the US. I know they have different titles for Asia, but I can't seem to get on Wikipedia to check.
I also played the demo for Zombie Apocalypse, and holy shit is it fun.

I dont recall being a "bitch" about anything.

I didn't say you were one.

Yeah, the PSN Store in HK is a lot like the Japan one, in that we have MORE GAMES. IN ENGLISH.
It boggles the mind how stupid they are in releasing so few PSX games in other regions. Or at least, releasing different kinds of games. Why must Sony toy with us like that?