The PS3 version is 17.3% better than the 360 version for 4.2 reasons.
The 360 version is 13.7% better than the PS3 version for 2.4 reasons.
Which version is better for you will be determined by your saving throw.
NO SPOILERS
I picked up both versions. I have two identical TVs, one bedroom, one den, both 50" 1080p Panasonic G10s. For this review I put them side by side in the den, PS3 hooked up to one, 360 to the other, and choose the same origin story. I played the PS3, my wife played the 360, we both took the day off of work, a "Bioware Holiday."
BIOWARE
The Bioware RPG is one of my favorite video game genres. KOTOR 1 is still my favorite story. I played through Mass Effect 7 times. If you like Bioware, you will like Dragon Age.
KOTOR 2 GRAPHICS
Bioware didn't make KOTOR 2. Until now. Dragon Age's graphics in general look like a last generation game, upconverted to HD. And why should they not? This game was 5 years in the making. Personally, if I could wave a magic wigglestick, I would magically wish the graphics into the year 2069, to play in my PS9 in my flying car. Unfortunately, I live in a condo that doesn't allow wigglesticking. So the choice is (A) Play the Bioware game. (B) Don't play the Bioware game. (C) Eat a cup cake. No one plays Bioware games for the graphics. You play for the CYOA storytelling.
6 COMPLETE CHOOSE YOUR OWN ADVENTURE NOVELS
Dragon Age is 10 Novels long. With 6 unique hero journeys. That can be twisted good or naughty. Warrior. Magic. Thief. Hybrid-Hybrid. Bioware is the only developer on the planet that makes this kind of beautiful uniqueness. This kind of awesomeness only comes around once every few years. Is this flavor of awesomeness perfect? No. Is amateur pornography perfect? No. Sometimes the pacing is off, or the dialogue excessive, but it gets the job done. The job is to experience a genuine human story--even if you're a lesbian elf. Dragon Age is fantastic video game storytelling. And better written than most fantasy novels.
BLOOD SPLATTER OR POTPOURRI?
I'm going to give Bioware the benefit of the doubt and believe that after battles my characters are splattered with blood and not potpourri. It's hard to tell visually, but I don't think they would censor themselves because this game is, like, totally Mature.
GAY SEX - NO NUDITY
My wife likes lesbian threesomes. In books. In movies. In video games. In our kids' crayon drawings. She had never played a Bioware game before, but she likes role playing, and I told her Dragon Age has lesbian threesomes. Now, like with most video games, the depiction of sex isn't much more sophisticated visually than taking two barbie dolls and slapping them together. And there's no nudity. Because Bioware understands the genuine human condition--that people make the special love with their cloths on-- even if you're a bi-sexual dwarf. So if you like realisticly-sized breasts well-covered with beige felt bikinis, then you, my friend, are in for a PG-13 flavored treat.
CASUAL VS HARDCORE
My wife played on easy, I played on normal. If you're an uber-genius, like me, who enjoys micromanagement, obscure RPG tactics, and general strategery... Then prepare to spend a lot of time, with the game paused, in clunky interface menus, because that's how real men play. That's how my grandpappy played his Bioware games, and his grandpappy before him, back when Bioware wasn't even Canadian, when they were still French, and the TVs had 11" screens and were powered by fire--usually dry hickory. So if you want that kind of authentic gaming experiece, you can have it. But if you just want to enjoy the story, crank that menu to easy, slump back in the couch, and unbuckle your pants for a good time.
PS3 VS 360
Like with all games, it's a choice between graphics vs framerate. The PS3 has slightly better textures, color saturation, contrast level, resolution. The 360 is less pretty but smoother. The PS3 is the supermodel with arthritis. The 360 is a Ukrainian gymnast. You get to choose who you want to take to bed. But since all you're going to do in bed is talk... It's not such a big deal. Unless you put two 50" plasmas right next to each other, you're not going to see the difference. I'm going to keep the PS3 version (because I like the controller better) and give my 360 copy to my favorite charity FVGFBO that provides fantastic video games for blind orphans.
BUY IT, PLAY IT, LOVE IT
* UPDATE
I have played 115 hours, beaten the game twice, tried three of the six origin stories, watched every sex scene, won every topless hottie boss battle, and found "teh secret nipplz." Personally, I feel this is the best Bioware game to date, the best written video game of all time, and a genuine evolution of the Bioware formula. For those of you fleeing in terror from Adult Content, know that, like in real life, bi-sexual dwarf sex is awkward, optional, and over in less than a minute. You can get through the whole game without "going hairy."