[adding to the fire]
A PS3 now costs less then a 360 elite. (Add in the charge for live, a wireless thingy and whatever else you want for it)
Plus the PS3s specs blow the 360 out of the water. Not to mention the bluray player.
Also, if you haven't noticed the 360 has a 50% failure rate, whilst the PS3 is at 5%. (Accurate statistics, I just rounded them down a bit) Microsoft made a broken console, why people defend it or even suggest it to others is beyond me.
If anyone actually buys an Xbox at this point, they must be insane (Or a Halo/Gears fanboy?). The PS3 is a steal at $299. Yet the 360 is now a waste of time and money. Infact, a lot of my friends are getting rid of thier Xboxs so they can buy PS3s. Even some of my friends that used to be die-hard Xbox fanboys are now admitting how much they wish they hadn't bought one.
[/adding to the fire]
More ontopic: I'd suggest GT5 (whenever it's released) And MW2.
I'd also recommend Infamous, if you enjoy single player games.