ToxicAdam actually had a really good reply earlier in this thread, on the first page.
It's like an equation, where AWESOMENESS OF GAMES - COST OF CONSOLE = BUY ZONE. Right now, I'm not seeing anything that's going to outweigh the cost of the stupid thing.
Also, the bonus bells and whistles of the PS3 don't do anything for me and lots of other people out there. I don't WANT to move to a new media format for movies. Why should I encourage that? To my admittedly untrained eye, the visuals on the 360 are definitely in the same ballpark as the PS3, and I don't even own an HDTV yet so why get excited for stuff I'm not gonna notice until I plunk down a good bit of scratch on a new tv.
And then there's the games issue. Because of the time of launch and the fact that this gen is looking increasingly multi-platform, the 360 is pretty much ALWAYS gonna have more games for it that I want than the PS3, because it's built up a catalog. I could buy a 360 and four AWESOME games for essentially the price of a PS3. Well, who WOULDN'T do that?