First of all, lets get real here, the last 360 system changes have not been out in the market long enough to have a 50%+ failure rate. I believe the first xbox360 took 6 months befor MS knew they had a bad problem and about 10+ months befor they knew they had a 50%+ problem. The New REDESIGNED consoles, the Slim PS3, the New Xbox360 Elite(new box,no hdmi cable) are both new to the market and do not have a failure rate yet. If you decide to get a Xbox360, the arcades with builtin memory have so far had the lowest failure rates(maybe even lower than the PS3's, still to early to tell, they are around 12 months old and doing good), if they still exist Do Not get a 20gigPro(50%+ failures, failure lifespan 9 months), the older Elites with hdmi cables and the 60gigPros(25%+ failures, the older the console the higher the failure rate, failure lifespan 12 months). From what Ive read, the new elites without hdmi cables are built with the same insides as the newest arcades minus the builtin memory and a few tweeks to increase the chances of a longer life. As for the PS3, the older units have low failure rates, somewhere between 15 to 23% or less. So on the newer consoles you have a 50/50 chance of geting a good one or a bad one. So if you have been wanting a Blueray player get a PS3, its the better buy. If you want to play games on the internet for free then get a PS3. If you have a Netflix unlimited plan and a fast broadband internet then get a Xbox360, you get free streaming from Netflix. If you want to try games out befor you buy(demos), text or voice chat with another Xbox360 owner anywhere in the world for free then get a Xbox360. If you want to play games with other xbox360 owners you will have to pay, with or without a credit card. For a Whole Year $50(US), for 3 months $20(US). And what else do you get for this money? You get five channels of voice chat, one In Game channel(have to be in same game), 4 private one on one channels(while doing anything on your xbox), and one friends only private party channel with multiple people (while doing anything on your xbox). The money is so MS can make sure the servers for the games meet certain standards. Providing you with easy, no hassle multiplayer game play.
By the way, is anybody here old enough to remember the 1st and 2nd generation PS1's which had heat related high failure rates, yes thats right, the great Sony had them there heat problems back in the day and they made it very difficult to deal with, no freebie fixes.