PS3 is gaining momentum. I would hang tight. Neither the PS1 or the PS2 was fast out of the gate. Besides, a stable console is better then the Red Ring Of Death!

yes defiantly, the 360 has a lot more fun games to play then the PS3. Though the PS3 does have built in Blue-Ray and free online play but only with little games to play.

sell the ps3. quarantee you'll like the 360 better.

No as the online on the Xbox 360 is super laggy.
You have to pay £40 a year where as PS3.
And the Xbox makes a really loud noise when your play it.
DON'T DO IT!

Definitely. . . You should sell the ps3 for a 360. . .

Get the ELITE ! ! ! 120 GB's. . . .

Halo 3 and GOW 2 Owns !

Especially COD 5 ! ! !

GET A 360 NOW ! ! ! !

+ you get 2 games for free when you purchase a 360. . .

In short: Yes

In Long:

Although the PS3 may seem better compared to the 360 because of its Blu-Ray capabilities, it is in fact - as you say - obsolete.

The graphics on the 360 are far improved as the Xbox makes use of a graphics card allowing light detailing, graphics rendering and shader details to be actively changed throughout gameply, creating an overall atmosphere worthy of HD gaming, the PS3 however uses a direct graphics accelerator meaning it can only handle one of these at any given moment meaning that the graphcs are slower less detailed and although not always visible mostly lacking compared to the 360. Another thing to consider is the new comunity feature of the Xbox 360 with new features being added soon the Xbox community will be opening its doors to social gaming where you are capable of competing in national games (eg 1 vs 100) where you can win actual prizes, although if they are anything to get excited about is yet to be discovered.

In the end it comes down to your personal opinion again, do I want to advance to a growing community of popular online gaming or do I still want to use this console because I was there when it was released ?

(Hope this helps

After reading other answers I have to say that the red ring has now been abolished in recent releases of the console, the fans have been made almost un-noticable and the online performance is based on the power of the broadband connection you have in your area regardless of what console you own

xbox 360 is overall a way better system. It has better, crisper graphics, a better online system with more players and addons, sure it cost $7.99 a month but you get great content and meet other people that are actually serious about online gaming. Now with the new dashboard it's even better, easier to navigate and not to mention the games library available and exclusives such as GOW and Halo..oh,.. and achievement points!

i just got the 360 about 2 months ago. i freakin' love it! you will not ve sorry you sold the ps3. and halo 3 on xbox 360 is wicked! make sure you buy a bigger memory card, as the one it comes with doesn't go very far!

Edit!

okay i read how the internet is super slow, that's because you need to have high speed, and dont have more then 1 computer on the internet or it will lag. othwerwise its fine, there is no loud buzzing noise.

Trade it for a 360. You have a lot more game titles to choose from.
You wont regret it and in a week you will totally forget that the Ps3 or any playstation even exist.

No way!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!