If the PS3 doesn't drastically reduce it's price within a year, I will be buying the 360 and to hell with any future Sony games.
Seriously. There is no way I can afford a £425 Playstation 3. I'll have to wait for a while for it to come down, but how much longer after the release of GTA IV will I be able to wait before having to get a 360 in order to play it? I'm gunna guess not that long.