I bought a 360 at the weekend and my mate bought a PS3.
I have to say, I am happier with the 360.
Firstly, as many others have said, the catalogue of games are far greater than the PS3.
Secondly, We both bought GTA IV. He paid £40 and I paid £20, both brand new.
Thirdly, connecting mine and the wife's PC up via Ethernet to run Windows Media Center was a breeze and I can now stream our huge catalogue of music and films to my 42" whilst still playing FC2 online with no lag (I thought that was going to be the sore point but it was not). I have yet to connect my mates PC to the PS3 and see what it can do.
Fourth. Granted, they are renowned for being noisy but tbh after setting my mates PS3 up and my 360 and after playing games on both, there was no noticable difference in noise once the volume was wacked up (which I am assuming most do to get involved much more with the games they play). I have also bought a third party 3 fan block for those long nights playing and that can be noisy but is not noticable when the volume is up.
Lastly, we do not currently need Bluray at the moment as HD is enough to make us happy. As others have said, they can be picked up as a 360 add-on later a quite a good price now.
Conclusion. I am no fanboy of consoles. I just want something I can play games with the family and the added bonus of streaming media via my PC is great.
Edit: To the OP. We bought the Arcade version, reliased we needed a decent size HDD and bought the 60GB HDD from Game for £45 which included a headset and 3 months gold membership.