I personally think you should save it up for something even bigger. Maybe for College or a vehicle. Once you have the money that you have now, it gets really tempting to spend it. Even if you've been saving up just for this, I would still consider bigger things.
Xbox is way better it has even more graphics and it's more fun to play. I have one and I really love it :) and btw you can recharge the Xbox controller too. I bought a charger and two batteries that you connect to the wall and charge. The only thing is that you can't play while so that's why I bought two haha. But still it is worth it :))
It really comes down to a personal preference, PS3 has free online play where Xbox doesn't, PS3 Internet browser int as good as Xbox but that's why I have a laptop anyhow, as far as games, each console has certain titles that are exclusive to their company, such as Halo is only for Xbox or pc. PS3 controllers are rechargeable via plugging in to the USB port and can still be used while charging, Xbox can't do this, PS3 plays DVDs and blue rays, some xboxes don't have a hard drive or so you can't download, PS3 has its own hard drive. Graphic wise depending on what you've connected it to personally I don't see a difference, PS3 is a quieter system versus Xbox noisy fan always running, and while I have owned the original play station, PS2 and PS3 and all 3 still work, I've owned 2 original xboxes and 2 360s and none of my xboxes work, and have been played way less which is why I've given up on Xbox!