Performs great (when it works) and looks great too. I agree. The 360's case is nicely curved, it gives it a nicer look than a square box. The PS3 on the other hand looks like some sort of deranged George Foreman grill (note the PS3 Grill mod) and has unnecessary and unused power. 99% of games DO NOT NEED more than the 8GB that a basic DVD allows, and as you can see by the 360, that 8GB is plenty of space for even huge landscapes like Liberty City in GTA4. The 360 is surprisingly simple inside (I took mine apart because it's out of warranty and had RRoD), just two major chips (CPU and GPU), the RAM spaced around the GPU, the Southbridge, and the Encoder chip (for video output). The rest of the board is a lot of capacitors for maintaining power and small chips like the Ethernet controller and the chips for USB and SATA. The PS3 on the other hand has CPU, GPU, Emotion Engine (on certain models), a giant fan, hard drive, Blu Ray all crammed in that ugly box. The 360 keeps the HDD on the outside to save space and uses rear mounted fans to keep the height down. The only issue is the heat generated by the GPU, which can destroy the solder contacts and cause the infamous red ring of death, but with the new 65nm model GPU, the heat should be reduced to a level that the fans can keep up with.
Other than that, it looks better and definitely has better games. It also has the best online service (Xbox Live) and a much nicer, more comfortable controller than the PS3. The Wiimote is nice too, but for a traditional gamepad, the 360 controller beats all.