If you want a great platform to play the highest end games right now, then the Xbox 360 is the only choice to go with. Xbox Live is an extremely impressive online service, while the software catalog already contains some must-buys and is rapidly expanding.
If you want a system that doubles as a next-gen movie player, then you need to wait. The PlayStation 3 60GB is the only game system with a confirmed HDMI output and the only one guaranteed to playback all Blu-ray movies in full resolution. Until we hear more from Microsoft, the Xbox 360 can't promise to run HD-DVD content at its intended resolution.
Bear in mind that even with a steep $599 price tag, early adopters will often snatch up all initial shipments. This means that unless you pre-order, chances are good the only place you'll be able to find the PlayStation 3 in November is on eBay (at an insanely high cost).