Xbox beats Ps3 in online, considering actual experience. Sure ps3 is (currently) free, but from what I hear it's not nearly as good as XLive.
But as for looks and power, Ps3 will have the edge when developers manage to maximize it's power. As a point of comparison, when developers managed to max out the original Xbox power with Halo 2, it looked almost as good as Halo 3 does on the 360. Imagine what Ps3 will look like when it's maxed a few years down the road.
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