Yes!
The PS3 has FAR many more exclusive games, free online play, and the best blu-ray player on the market today.
However, it truly depend if you're interested in any games on the PS3. If so, I say go for it.
@Uncle Pedro- The PS3 is $250, its cheaper than the 360 elite.
@Ayman- You're stupid. Blu-ray titles are $60 just like it is on any other platform.
@Donnie Porko- A piece of crap? Really now? Is that why my 360 has gotten multiple RRoD's yet my PS3 never has gotten a YLOD? Is that why there are far better exclusives on the PS3? PS3- More exclusives, free online play, and blu-ray. And kinect superior? Than why doesn't it even work? I'm sorry, you need a controller when gaming, and thats a fact.
@Max- Stop being deceptive, PSN has been around longer than XBL, and the 360 HAS in fact been hacked before back in 2007. And the kinect isn't worth anyones time. There isn't a single good game on it.