To 3 or not to 3?

It's tax time so I am faced with the inevitable question: What am I going to blow my tax refund on?

I'm a fairly cheap bastard and I frequently back out of most purchases at the last minute so chances are I'll end up throwing it in the bank. Our refund is not huge this year and part of it will go toward renovations, but there's a part of me that's leaning toward a Playstation 3 (there's also a part of me that's saying "$400, are you out of your fucking mind?").

I like the Blu-Ray idea since I have a 1080p monitor. But, as evidenced in some recent threads in the forums, there's the constant question over number of quality exclusives. Yeah, of course I can play GTA4 and Rock Band but I have both those games for the 360.

Now I realize this is a 360-centric community but I'm looking for honest opinions. Is it worth the lower price tag of $400? There is obviously lots of time for more Sony exclusives (and by the same token, lots of time for another price break) but I'm still interested in what's currently available and coming out this year.

So throw all your PS3 love and hate at me. If you have both the 360 and PS3 let me know what games are keeping you away from your 360, or if you regret your purchase at all. Or just e-slap the shit out of me and tell me to do the responsible thing and save the money for home equity and my family. Keep in mind, of course, that I like toys.