the new generation of 360 units(including the elites @ $479) are being geared up with a much improved cooling system and to make it sure u wont have any problems the warranty is now 3 yrs so if u buy a 360 today u get warranty up to 2010, more games and an available online service/community(though u have to pay for $49/12mo which is not too expensive), the ability to stream ur multimedia from ur windows media center pc, if u dnt need the HD-DVD player u dnt have to buy, a shitload of downloadable content onto ur removable 120gb HD and the ability to transfer downloaded material to ur PC(to free space on ur 360 HD), controllers with Hot-Swapable batteries and a rumble function modifiable to have 4-AXIS tilt motion sensor, full reverse compatibility with original xbox games
the PS3 has slashed its price from $599 to $499 for the 60gb model, an upcoming FREE online service for social/gaming community use, downloadable material on an built in 60gb HD(no news when the 80gb HDs will come), a SIX-AXIS tilt motion sensor wireless controller with built in battery(either buy a new controller or send it to sony for a new battery for a fee), memory card slot for MSPD, SD, CF I/II, blue-ray dvd drive, reverse compatibility with ps2 games(needs FW update to upscale)