[Joe Wicked]

The PS3 is the 3rd playstation in the line. (3rd gen). It is a bluray player as well. All the games are in HD on Bluray discs. The graphics output is up to 1080p if you use an HDMI cable to the TV. The different versions include how big the hard drive is. The largest also supports the DVD games from the PS2.

XBox 360 is the latest version of the XBox. The games are all HD DVD based. I do not know the graphics output, but it is also HD.

I have the PS3 as I had a PS2 and have a lot of games for it. I play a lot of racing games as well and I love the Playstation line for them. I can't really comment on the XBox, as I have never had one and I have never really played one.