I'm on my third PS3, first one broke the day after I got it home, wouldn't read the games, second one stalled during an update and wouldn't load past 20%, so now I'm on my third, all within a 12 month period.
My bro has got an Xbox and he's had the ring of death AND a faulty disk drive that scratched the shit out of games.
Believe it or not, consoles arn't meant to be played on for hours on end at a time
Even after my own experiences though, I still think the PS3 is the more reliable of the 2, most of my friends have never had a problem with theirs.
Big-Dan.