In the comming weeks all of the Microsoft Fanboys and Sony Fanboys will be duking it out over which system is the best. First let us take a look at both systems' internal components

XBOX 360 Specs

Custom IBM PowerPC-based CPU:

3 symmetrical cores running at 3.2 GHz each

2 hardware threads per core; 6 hardware threads total

1 VMX-128 vector unit per core; 3 total

128 VMX-128 registers per hardware thread

3 symmetrical cores running at 3.2 GHz each

1 MB L2 cache

CPU Game Math Performance:

9 billion dot product operations per second

Custom ATI Graphics Processor:

500 MHz

10 MB embedded DRAM

48-way parallel floating-point dynamically-scheduled shader pipelines

Unified shader architecture

Polygon Performance:

500 million triangles per second

Pixel Fill Rate:

16 gigasamples per second fillrate using 4X MSAA

Shader Performance:

48 billion shader operations per second

Memory:

512 MB GDDR3 RAM

700 MHz DDR

Unified memory architecture

Memory Bandwidth:

22.4 GB/s memory interface bus bandwidth

256 GB/s memory bandwidth to EDRAM

21.6 GB/s front-side bus

Overall System Floating-Point Performance:

1 TFLOP

Storage:

Detachable and upgradeable 20 GB hard drive

12X dual-layer DVD-ROM

Memory unit support starting at 64 MB

I/O:

Support for up to 4 wireless game controllers

3 USB 2.0 ports

2 memory unit slots

Optimized for Online:

Instant, out-of-the-box access to Xbox Live features, including Xbox Live Marketplace for downloadable content, Gamer Profile for digital identity and voice chat to talk to friends while playing games, watching movies or listening to music

Built in Ethernet Port

Wi-Fi Ready: 802.11 A, B and G

Video Camera Ready

Digital Media Support:

Support for DVD-Video, DVD-ROM, DVD-R/RW, DVD+R/RW, CD-DA, CD-ROM, CD-R, CD-RW, WMA CD, MP3 CD, JPEG Photo CD

Stream media from portable music devices, digital cameras, Windows XP PCs

Rip music to Xbox 360 hard drive

Custom playlists in every game

Windows Media Center Extender built in

Interactive, full screen 3D visualizers

HD Game Support:

All games supported at 16:9, 720p and 1080i, anti-aliasing

Standard definition and high definition video output supported

System Orientation:

Stands vertically or horizontally

Customizable Face Plates:

Interchangeable to personalize the console

There are also several key point to be made. Sony has lost most of its EXCLUSIVE developers to Microsoft, there truely must be a good reason for this. There are two games in which the 360's true power is shown , Gears of War and HALO 3. Don't be fooled with Sony's flashy 7 core Cell CPU. I stood in line for 30 hours this past week and purchased a 60 gig PS3, and after the past few days I am sad to say that I very dissapointed with it. While it does have awesome graphics , it does have a problem with loading the games slowly and during gameplay it laags a bit. I certainly don not beleive it is worth the $600 I payed for it, I should have gotten a 360. The also seems to be a design flaw with the PS3's core design. Each core has a certain amount of embedded ram in which when utilized together have some awesome results. However due to the PS3's 7 cores sony's underpowered CPU controller is unable to run all the cores to their maximum potenial resulting in slow gameplay and overheating issues. This problem is that due to the weak cpu controller only 3 cores can access their maximum embedded ram at the same time while the other 4 run idle , thus making them useless. I assume it will be some time before Sony admits to this flaw.
Unlike the PS3's multi-core cpu that runs a 3.2 gigahertz total, the 360's CPU runs 3 symmetrical cores at 3.2 gigs EACH.  In the end  I beleive that the 360 will previal especially because Sony is losing about $300-700 per system  sold while Microsoft is actually making a profit on their system sales. The 360 is also $200 more expensive than the PS3, plus the 360 can be modded for a bigger hard drive, believe me a 60 gig HD is not that a great selling feature, SO why waste your extra $200 bucks when you can get the same thing for $400? THINK before you buy and Enjoy !