I'm really no longer buying the "PS3 is vastly superior and they've not yet utilized it properly" excuse.
It's been out nearly 3 years now. Developers have had more than enough time to create a game to put it's potential to full use. The 360 had that after a year (Gears of War - say what you want, but that game blew everything out of the water when it launched). The PS3 still hasn't - not even from a first-party, Sony game. That seems a little telling to me, that not even the company that makes the system can figure out how to really use it fully.
Quite frankly, I'd say that the very fact that the PS3 is so difficult to program for is a rather large strike against its 'superiority'. The potential for super-shiny graphics means absolutely nothing if working with the system is prohibitively difficult for developers.
The PS3 is supposedly capable of better graphics. Okay, but it hasn't shown it yet. It uses blu-ray discs that hold more info. Okay, but games are still mostly small enough to fit on a regular DVD, causing massive load times as the system has to search though huge amounts of blank data looking for actual game data. Because, as you do realize, file compression is one of those things that huge improvements have been made in over the past few years. Giant amounts of space really aren't hugely necessary. There's only been one game released during this console generation that could have benefited from the extra space available with a blu-ray, and that wasn't even a PS3 game.
And yeah, there's a subscription fee associated with Xbox Live. So what? There is a reason why so many people are willing to pay that fee. Microsoft's online service is simply heads and shoulders above Sony's. It's very much a case of "you get what you pay for". I hardly play games online but when I feel like it, I've got no problem with spending a few dollars a month to do so.
Sony shot themselves in the foot with the PSP, btw. People certainly buy the systems, but not the games, and they did away with UMD movies entirely. And considering how extremely easy it is to pirate stuff to play on that system, combined with the fact that Sony really doesn't make games to play on it...it's really no surprise.