Unless the colour, HDMI and larger hard drive are really appealling to you I'd just stick with the normal 360. The Elite looks cool, but it's going to cost more and in reality you don't seem to be getting a great deal extra. With MS already profiting from the 360 hardware I'd have thought it'd make more sense to bring the cost of the normal console down, then add the Elite at just a very slightly higher price. I mean, the change of colour is not going to cost anything extra and a 120gb hard drive doesn't cost a great deal these days...
From a PS3v360 point of view then to agree with what's already been said the 360 has better games, a better online service and a more attractive price point. Yes, if you add wireless and an HD DVD drive you come to a cost similar to that of the PS3 - but the crucial difference is that you at least have the option to buy or not buy those addons. With the PS3 you're shoe-horned in to investing in Blu-ray and paying for wireless hardware even though neither may hold any appeal. Choice is good, especially when it comes to high definition optical media because for the moment there's no "winner" in the format war.
As it stands, the 360's library and graphics (in particular with Gears of War) are above those of the PS3. PS3 fans tend to argue that in a year's time the console's library and graphics will be the same as games like Gears of War - but they always seem to miss the point that in a year's time the 360 will itself have had another year of quality games and advancement in it's own graphics... The PS3 was delayed by a year, but that doesn't mean it's specifications are a year newer - it's over a year behind the 360 now and unless something amazing happens it'll stay a year behind the 360 indefinitely simply because MS and their developers have had longer to settle in to programming for the platform.
With regards to the person who said in half a year's time MGS4 and GT will be floating around - in half a year's time Halo 3 will be out for the 360 so each console is going to have a killer title in the mix.