orcishgamer: Buy the console with a working online system, Sony's has been broken as hell off and on all year. Before this, I would have said lean towards PS3 just to avoid disc switching on the few games that actually require it (hello Castlevania), but that is actually kind of rare to have to do more than once per playthrough and the Live service is pretty kick ass (or at least for what I spend on it I find it amazingly worth it, I would not have thought so the first time I got coerced into buying a Gold sub).
StingingVelvet: The 360 has very few exclusives if you have a gaming PC though, same as the original Xbox. The PS3 has a lot more games on it I can't get already on my main gaming platform.
Personally I think the controls on the 360 are better to use than games on the PC. This applies only to games that are on both systems though, not things like exclusives or original Xbox games.
Mainly cus if you want to play online on an original Xbox game, you'll have to play the PC version now. And believe me, there are lots of great games to be found on XBLA and the Indie Games section. Having a Gold account gets you some nice discounts too on there that almost save you the amount that you spend on a Gold subscription, since discounts are usually only offered on the good games they sell there, and Indie Games are generally in the 80 - 240 microsoft points range.
Now don't get me wrong, if you prefer playing games on the PC, that's fine, but think about people who are just trying to make ends meet or don't have enough allowance money to buy a gaming quality PC. I personally have never had a 360 red ring so I can't comment on that, and I've had one for over 2 years now.