Taking into consideration the failure rates of each, I perfer the 360. This is because I like the games on it more than the ones on the PS3, simple as that. I don't care about blu-ray or HDDVDs or how much power one console has over the other, if the games are better on one system than they are on another, then that's my perfered system.
My perfered system may change later on, since the PS3 has quite a few titles coming out that look like their made of awesome. Only time will tell.