Depends on the unit itself. Of everyone I know personally with a 360 (myself and 3 others), every one of us have been hit with the RRoD. Myself twice, another person twice, one person once, and one person 4 times (!) before he finally sold his and bought a PS3. And we all had various units throughout this (All were purchased fairly far apart from each other, and 2 units were shipped to/from microsoft for refurb, 2 were taken in via Best Buy's extended warranty which yielded a newer units)
I've never had a problem with my PS3. Never had a game fail on me, nor bluray movies. It's (surprisingly) a damn good machine. There are parts that make me say its leaps and bounds above the 360 (user-replaceable hard drive that doesn't cost an arm and a leg more than it should, any bluetooth headset being accepted, any keyboard usable, any webcam usable, HDMI from day 1, better support for switching audio between HDMI and optical (I have both, optical for stereo, hdmi for tv when others are sleeping), etc).
The one (very major) thing the PS3 lacks is exclusive titles. There are very few games with multiplayer I've been willing to buy on PS3 simply because everyone else I know with the game will have it on 360. So take a look at the titles xbox has, vs the titles that are cross platform, and which console friends have. (I'll also say on the subject of multiplayer - yes, you have to pay yearly to use xbox live. But it's worth it. The online service on Wii and PS3 don't hold a candle to that of XBL.)