PS3.
Here's a shoot-out :
Power : The PS3 wins out on sheer processing power. The only reason X360 games may look slighlty better now is because the PS3 versions are ports of the X360, and there are bound to be issues. Once devs start harnessing the full potential of the PS3, it will blow the X360 out of the water.
Media : Your pick. The X360 can be an MCE while the PS3 can be bloody awesome blu-ray player. In my Opinion, the blu-ray player is far more important.
Games : Whether you like it or hate it, Sony will eventually get the best titles. History will most certainly repeat itself. But this will take time and patience. The X360 has some kick-ass games right now though. The price is not going to be a factor as blu-ray has won, and the prices will soon begin to nosedive. Therefore, your pick. Do you just want some good games now, or would you rather wait for a steady flow of good games. Keep in mind that eventually, all x360 games are going to make it to PC. Look at GOW and LP_EC. Also, what Zeeshan said is right. The X360 games are much simpler to develop. But eventually, the game devs will have to adapt, because there will be too many PS3 gamers to be pissing off with bad ports. Case in point, Crysis. Due only for PS3.
Stability : PS3. Enough Said.
Online Play : Naturally, the X360. But honestly, do you really have a fast enough connection? And are there really enough servers in India that will provide you with a decent ping? If yes, then the X360 wins here.
Extra features : I had to mention the fact that the PS3 can have a Linux installed, din't I?
finally, @ madjeri, you have both??!!