Well, if the anecdotal retailer feedback is accurate, as presented on an AH article a while back, the PS3 has about a 1-2 percent failure rate, and XBOX 360(the newer ones), around 30% or greater.
Not a hard choice for me based on that extremely poor engineered hardware that Microsoft seems to be selling.
BTW, just for fun, I asked one of the salesman in the local Best Buy video game/media department, whom has worked there for a few years, if the demo 360 has been reliable. He claimed that it has been replaced about 5 times so far. Eeeek!
-Chris