PAL X360 is the cheapest. You can get all games. Region ka masla ab nahe. There are many people who provide game burning service in all major cities. They are cheaper than market too ... 100-150rs per game. AND they provide games very quickly on release. These people themselves are gamers, not shop walay.
However, PS3 is ALSO hacked now. You simply download games to your hard disk, attach to PS3 ... and play. Completely free. Dont even need to burn it like in the X360.
If your looking to get the console for Alan Wake, it sucks. Very repetitive and boring. Halo is good but if your a PC gamer, aiming with the controller will feel very crappy and again the game will suck. Forza is good though, but id rather have GT5. There are other games you MUST play that are console exclusive ... Red Dead Redemption, Uncharted and the upcoming LA Noire to name a few.
PS3 has far far more exclusives. And its hacked (complete jailbreak). No more affordability problems with 3-4k kay games!
Find a used PS3 Fat for around 18-20k ... get a 1k-2k jailbreak USB and your good to go!