Although I'd pick PS3 over Xbox due to library, when I was recently in a position to get a 360 cheap (and missed it) I did some research on the library and found a good number of exclusives that appealed to me and my wife though most were not marquee titles. This has convinced me to pick up a 360 full price anyway in addition to a PS3.

Also, I wouldn't bank on the PS3 getting PS2 compatibility any time soon. I was hopeful forever, but I think Sony is more likely to just start offering PS2 games on PSN that you can play on your PS3 rather than actually reinstating BC. It's just a smarter business model for a company that's ailing. I'm mildly hopeful, but I'm sure as hell not holding my breath.

If you're absolutely itching for a console of this gen for any specific titles I'd highly recommend getting a PS2 slim since they are dirt cheap. You're likely to find one pretty damn low with all the Black Friday stuff going on. Honestly, if I see a PS2 slim in even a moderate price range I'm going to buy it as a backup for my fat and just move the fat to another room or something.