Hey Cobalt,
I own and prefer the PS3 to the Xbox 360. I mainly got it for UC2 and GoW3 and I must say I am not disappointed.
The pros for me are:
1) It has one of the best blue-ray players and it supports 3D so you don't have to fork out another 2k for one in the future
2) Online gaming is free so you don't have to pay R500 for a subscription like on the Xbox
3) I find that the PS3 gets better exclusives for it like: UC2, GoW3, InFamous...
4) It doesn't suffer from the RLOD like the 360 does, although the newer model is supposed to have stopped this.
You must decide on which will benefit you the most. Do you want to play with friends? If so then chose the most common console. Do you want to do online gaming? If so then the PS3's free service is the one for you. Just to play with by yourself and you don't care about HD this and 3D that then I would say the 360 is for you.
I have played on both and I must say that both are brilliant. I quite like the 360's controler more but that is the only qualm I have with the PS3.
Hope this helps