Wait for the new chips to come out for the 360, then get it. (There should not be any red ring of death with the new chip)
360 has a lot more games, the graphics are a little bit worse than the PS3, but the PS3 has framerate problems so review-sites often vote a bit better graphicly (by like 0.2) on the 360 version of the game that is out for both PS3 and 360.
I wouldn't get a Xbox 360 before the new chips. That's just not smart.
A PS3 isn't worth the money at all, even if the price goes down to $500 for the 80Gb version. Not many good games, framerate problems. Devlopers have problems to code games for the PS3 because of the Cell Processor and Bluray. That makes a lot games cappier than they should be, both gameplay wise and graphicly. The PS3 loses a lot more exclusives to the 360 and Wii because of it's selling rate, it's an failure compared to the PS2 which was a succes and a good console.
You should consider a Wii. If you get a 360, you can also get a Wii and the price will be like same as the PS3.
Ofcourse the Wii has worse graphics, although some games like Mario Galaxy looks better than some Xbox 360 games. Wii is really fun to play with friends, family and single player. Resident Evil 4, Metroid Prime 3, Zelda TP, Excite Truck, Trauma Center: Second Opinion, Elebits, Super Paper Mario, Mercury Meltdown Revolution and SSX Blur are some really good single player games. The Wiimote is revolutionary, and will make the the Wii console winner this generation (It has alllredy outsold 360 and ps3) and as you can see, Wii is my favourite console this gen.
If you are "a hardcore gamer" then you should prolly go for the 360 when new chips come out or wait till Sony drops PS3s price to like $400, they should drop it, because noone is buying PS3s. It sells as much as the GameCube did or something (which was a big failure compared to previous Nintendo consoles)