If I were you, I'd hold out for another year. I know that's a long time, but I'm relatively certain that Microsoft are gearing for a new console at the next CES.
They're currently bleeding the 7 year old Xbox 360 for it's last drops of juice considering Kinnect was so recently released and such an earner for them. They'll soon be moving on to a new console so as to beat Sony to the post, and capitalise on fallover from people not wanting a Wii U. It just strikes me as a bad time to invest, having a console for a year only to have it become outdated instantly.
(Original post by iSMark)
If all your mates have a 360, there isn't much you can do though. I wouldn't buy a PS3 as I enjoy online play with my mates, I don't want to be a lonesome gamer trying to convert everyone.
(Original post by Tahooper)
Besides, the PS3 has wireless internet and FREE online play compared to the 360 which is £5.99 a month and you need to pay £50 for a wireless adapter.
The newer xbox 360s have wireless as well.
Yes you have to pay for Gold membership if you want to play online, but there are some decent deals out there (I think my 12 months Gold cost £24). If you're playing with other friends on the same network (system link) you don't need Gold membership.
One feature of the PS3 that makes it better for general entertainment is that it can also play blurays (The xbox can only play DVDs). I've already got a bluray player so that point made no difference to me.
From some research I did a while back it seemed like the earliest the 720 would be on sale would be around Autumn 2013 (in time for christmas), but that's over a year away.
As I said, christmas next year, not this year
Personally I don't see a year and a half as long enough to buy a console which is already stupidly outdated and inferior to current PC titles, I bought a PS3 a year and a half ago and I was deliberating even then!