Games are all mostly $60 for PS3 and 360 now.
Call of Duty is out for both systems as are most first person shooters which seem to be the hot genre right now.
You have to pay for XboxLive but PS network is free, but live is supposedly better. I don't play online so I can't tell you if it is or why.
Older Xbox's frequently get a red ring of death and you have to send it back to Microsoft to get it fixed. I actually got mine off ebay for like $40 since it had the RROD and sent it back to MS and they fixed it for free. I don't play either all that often, but I only had 1 problem with my PS3 (like a week after I got it, but I restarted it and it's been fine ever since) and the 360 has been fine ever since MS sent it back. The newer 360's are probably more reliable but I have no evidence either way, they have changed the hardware in them several times so hopefully it's fixed.
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