the ps3 is that good, it will not fail despite the catastrophies with delayed release, its just too amazing. Especially once GT5 comes out next year.
My best mate has both a 360 (with 10 games) and a ps3 (with 1 game) and i have to say im totally jealous of the ps3, but not the 360, even tho the 360is still ace, i just don't want one enough.
As for graphics being poo. Its Ridge Racer ffs, what do u expect! Shittest driving game ever. None of the game out explore the full potential of the ps3 anyway yet but you can bet when they do, they will amazing.
Don't get me wrong i love the 360 and that but its just not as good as the ps3. it needs built in HDDVD(at least, although blu-ray is better), HDMI, 60gb at least, built in wireless etc etc.