I have a ps3, although a lot of friends have 360s.
the games argument is a load of rubbish. most games are available on both consoles, and the ps3 now gets more exclusives than 360, so although there are a few early 360 games you can't get on ps, it's prettymuch balanced out now.
graphics is pretty subjective, since the playstation is CAPABLE of better graphics, but rarely produces them, if a game is coming out on both platforms why bother making all your assets twice? so most have pretty similar graphics and in some cases people prefer the 360...
red ring of death... well, the ps3 has its own version. its just a lot rarer.
online experience, both have their pros and cons, it's better (or generally faster) on 360, but on ps3, it's free...
so in general, as much as i love a good argument,it's all down to opinion, I personally prefer the PS controller, as well as liking the exclusives that it gets... also not a big online player.
but both consoles have flaws, both are better than the other at something. And i'm fed up of all the #40## "xbox is better coz it as more gamez" and "PS is better coz it as better graphics" rubbish, can't we all just get along?