There's another version coming next year !!
There's a new Xbox 360 coming in 2008 with a smaller core processer (45nm instead of 60nm) which is supposed to address the 'red ring of death' problem and overheating (although MS have gone some way to recognise this now and offer a 3yr warranty)
I own all 3 'next-gen' consoles now (including the new Elite). Personally, I play each one because all have something different to offer. At the end of the day, I'd rather have the immersion in the gameplay than the effort go into the graphics. Look at the Wii, I never thought I'd have so much fun with something so simplistic as Wii Sports (even better when half p*ssed with a few mates).
I'm currently playing Bioshock on the X360 and Oblivion on the PS3. Don't care which is supposed to be shifting pixels around faster, they both feel the same to me. Can't compare apples with oranges in terms of hardware facts, it was like comparing IBM PPC processor with Intel. Just step off the pedestal guys and enjoy the games.
Plus I'm covered for the HD format wars also since I have the HD-DVD add on !