I wouldn't consider the 360 considerably cheaper. If you get the $500 PS3 model you're getting a better system, blue ray and a 20gb HD. That's only $100 more than the 360. The Wii will easily be 1/2 the cost of a PS3 and a 360 and that's where Nintendo has the advantage.
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Better system? That would be purely your opinion and nothing else. Blue ray, well we don't know if that's going to become standard or end up like beta tapes. So you're either going to be saving a couple hundred dollars and get something before everyone else does or you're going to end up with something that can't play new releases. And the ($400) 360 comes with a 20 gig drive.