The $500 system is a fucking joke. It has no HDMI output, which makes the Blue-ray player pointless.
I see no difference whatsoever between the 360 and the PS3. Especially not enough of a difference to warrant an extra $200.
Besides that, the Wii comes out 2 days later, only costs $250, and comes with a game, you'd have to be a fucking idiot to get a PS3...