Quick someone post some negative PS3 news else the forum may explode!
http://www.smh.com.au/news/games/battle-of-the-game-consoles/2007/03/18/1174152859094.html
http://www.smh.com.au/news/games/battle-of-the-game-consoles/2007/03/18/1174152859094.html
Both systems run at 3.2 GHz, but the 360 has twice the amount of RAM with 512MB as opposed to the PS3's 256MB.
In time it is highly likely that the PS3's stable of games will be more impressive than the 360's, but at the moment the 360 has more to offer in the gaming department, and that's why most people buy consoles. If you're desperate for a PS3, my tip would be to wait a few months before buying. That way you'll have a good selection of games to choose from, a PlayStation Network that has had time to adjust to what the market wants and, perhaps, even a reduced pricetag for the console.
If you're budget-conscious and just want a gaming machine, buy the 360.