I have a 360 also. But I still think its funny. Especially because Microsoft has been having all kinda problems with Xbox live lately and they don't seem to want to fix it. It is really cutting into my gaming time.
I went for the PS3 but it had nothing to do with Blu-Ray. Since I got a dedicated Blu-Ray player (old DVD player died a horrible death) I have enjoyed it but I have to admit this was a bit of a mistake. The best movie I got on Blu (so far) was The Dark Knight. The worst had to be Star Trek II The Wrath of Khan. Old effects laden movies don't always make a good transfer over.
My point is Blu-Ray is not cheap and doesn't really deliver a hell of a lot more than an up scaled DVD. It works for big effects movies (Transformers, Indiana Jones, I am Legend etc) but the cost of a disc is pretty high. It's just another exercise in selling stuff to the proles that we don't really need. As long as you've got a decent flat screen panel TV and a good DVD player then Blu-Ray isn't totally essential.
More movies need to come out on Blu-Ray before we know exactly where this will lead.