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...Or, you could get a 20GB PS3 for $500 and $105 for a notebook 160GB SATA drive from Pricewatch and throw it in the PS3.  I believe that would give you all the options of the Xbox Elite, plus an additional 40GB of space and a Blu-ray drive for $275 cheaper than the two Xbox models you would need just to get HDMI and a larger hard drive (if you bought a Xbox 360 already).

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Since when was the fun-factor not important in choosing a console? 

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Quoting Ascended_Saiyan:

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...Or, you could get a 20GB PS3 for $500 and $105 for a notebook 160GB SATA drive from Pricewatch and throw it in the PS3.  I believe that would give you all the options of the Xbox Elite, plus an additional 40GB of space and a Blu-ray drive for $275 cheaper than the two Xbox models you would need just to get HDMI and a larger hard drive (if you bought a Xbox 360 already).

I could....But I would still be stuck with the big Sony paperweight, er, PS3.
  Look, I'm no Microsoft fanboy or don't have anything against Sony. I have a PS2 and enjoyed it for years. I'm also not the type of guy who's going to sit here and crunch and twist numbers proving why the 360 is a better machine. It's all about personal preference.

When I picked what system i was going to buy first, Here are some things that I asked myself:

"Who owns the rights to the majority of the games that I want to play in the near future?"
XBOX360

"Who currently offers the most titles available to me now?"
XBOX360

"Which system has a larger online community for me to pick up and game with?"
XBOX360

"What controls do I prefer?"
XBOX360

"What system do my peers play?"
XBOX360

"Which system is the most compatible with my PC?"
XBOX360

  This whole "PS3 has a built in Blu-Ray so that makes it better" is complete garbage. First of all, The majority of people could'nt give 2 f's whether they have a Blu-Ray player or not. Out of the 2 million people(Not quite) that own a PS3, How many of them do you think owns more than 5-10 Blu-Ray discs? Maybe 8,000?

  The console wars will be going on forever. Each company will always try to justify why theirs is a better buy and you will always have fanboys on each side arguing their points. They are both powerful systems that will provide hours of enjoyment for anyone who owns one.

That being said....

I can't wait to get a Wii 

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Quoting Ascended_Saiyan:

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Crunching numbers is how you don't get snowed in by FUD.  I guess short sightedness is somewhat popular these days.

That sounds like a personal attack my friend. I was simply making the point that I will play what is most enjoyable and makes the most sense for ME. Not what the number crunchers and/or mainstream tell me I should be playing. The fact of the matter is, Most people cannot afford, Nor do they care about this technology yet. I believe it has more to do with "Tax bracket" than "Short sightedness"

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The PS line of games out number all others, so the highest number of games available are on the PS3 (old or new).  I think you need to read the article I've linked to below.

Again...Twisting facts. of course both systems are backwards compatable. However, I did not purchase a 360 to play regular XBOX games just like if I purchased a PS3(Which is a good possability someday) It would'nt be to play PS2 games on. Besides, That was merely one reason behind me thinking that the Microsoft product is better for me PERSONALLY.

...I don't need to read any articles to tell me what i prefer. I never once said that XBOX360 was better. I was extremely unbiased. I apologize for anything that offended the Sony evangelist

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Microsoft has officially announced the new Xbox 360 Elite in black and with HDMI output and larger hard disk, but it still has no HD DVD drive built-in. $479.99 in the USA coming April 29th.