I think you are looking at video game consoles completely the wrong way. You should buy a console based on the fact that you like the games it has to offer, because after all, the games are what you'll be playing.

The 360 has its share of problems, but really, who cares about its reliability if there is a 3 year warranty? I have gotten the red ring of death once myself (but in all fairness, I modded the console so that might have something to do with it), but that can be fixed quickly thanks to something I call the Wal-Mart Switcheroo:

1) Go to wal-mart.
2) Buy a new 360.
3) Open the box, switch your broken one for the new one. If you like, switch the serial # labels, but wal-mart employees are paid too little to check.
4) Return 360 to wal-mart, get refund because it's broken.

There. Whether you warranty it or do this, the broken xbox ends up at microsoft for repairs. My method is a little bit more efficient, that's all. FWIW, I've had to replace a PS2 this way as well.

Anyway, back to the point- the 360 undisputably has the best games library right now. There just aren't many great games out for the PS3. So don't buy a PS3 just because it looks cool or it has blu-ray or it doesn't suffer from the "red ring of death"... Make an educated decision based on the games the system has that you want to play.