You're correct about the Xbox 360 lacking analog outputs for lossless Dolby TrueHD, but not only that, it can't send it over HDMI, either. It transcodes all higher-resolution audio to DTS 1.5mbps at best. Its "audio path" isn't wide enough to handle the new formats.
I find the PS3 to be a lot better Blu-ray player than the Xbox 360 is an HD DVD player. It handles the audio just fine.
Plus, I just wouldn't buy an Xbox 360 at this point. The new manufacturing is going to happen in the fall (65nm CPU and GPU instead of the current 90nm, which will make it run cooler, more efficiently, and will be cheaper to produce), and while they've extended the warranty for the Red Ring of Death error to 3 years, that doesn't fill me with a lot of confidence. I'd rather have the newer revision of motherboard and components than buy one of the current models and have that possible hardware failure hanging over my head. Even though it would be taken care of, I find that whole process underwhelming. Who knows how long their service department will take to get it back to you, as many lemons as they'll have to deal with.
As far as gaming, the Xbox 360 can't be beat. There are too many good games coming out for it. It hurts not being able to play it (mine died), but I'll wait for the new version before jumping back in.
