I personally prefer the XBOX 360 over the PS3, but that is not the issue here.
Now, If we are talking about the edition that comes with Halo 3 and Fable II, then undoubtedly, yes.
The 360 Elite when it first came out was either $400 or $500 dollars. and it didnt come with a game. just a single controller and a hard drive.
it is now being dropped to $300 with Halo 3 and Fable II in it as well.
Halo 3, according to Gamestop.com prices, is $34.99 used. Fable II is also $34.99 used. You get two of the best games, along with the top of the line Xbox 360, for only $300 + taxes.
Now, i personally have not heard of an Elite RROD'ing (Red Ring of Death) since they updated it, but, when you buy the 360, you get a years warranty for anything, and a lifetime on a RROD.
they then, if your 360 RROD's give you an additional three year warranty.
Personally, ive been a sony gamer through and through until i got a 360.