I've spent many hours on a 360 since all of my good friends have one. It's a pretty good system with great online play like others have said, but yeah paying for Live sucks.... also everyone I know with a 360 (except for one) has had the red ring of death at one point, one of them's been through 6 of them. My PS3's running strong after 2-ish years
I have no regrets in getting a PS3.