This is a hard decision for multiplatform owners...made harder by the fact that this is one of, if not the, biggest multiplatform release of next-gen so far. I'm not going to get into hardware specifics here, since that'd be kind of ridiculous (such as using 360 hardware reliability against GTA).
First off is rumble. Normally this wouldn't be too big a deal, but Rockstar has implemented it in some really fun ways (your controller vibrates when the phone rings, and the strip club...we'll, you'll see). Do you own a Dualshock 3 for the PS3? If not, perhaps that should be taken into consideration (whether that means spending $120 on launch day for both GTA and DS3 or just picking up the 360 version for $60).
Next is Sixaxis. Mostly it's a novelty for controlling vehicles, as I don't think anyone would choose the PS3 version just for these features (they're a fun diversion, nothing more), but there is one option that's too cool not to mention: flick reloading. I made a thread when Army of Two used this feature. At first, it seems pointless. But for some reason, it just feels natural...to the point where I attempt flick reloading by accident when I'm playing any other shooter. I love it.
And of course, graphics. Every single major site prefers the look and performance of the PS3 version, but let's stand back for a sec. Yes, there are more visual flaws on the 360 version. But nearly every site is quick to point out that they don't interfere with the gameplay, and it's still a visual splendor to experience. As a PS3 owner I know what it is to get the short end of the stick in graphic performance, sometimes major (like the Orange Box), sometimes extremely minor (such as Call of Duty 4), and neither title's graphical shortcomings hindered my enjoyment of the game. In single player that wouldn't really matter all that much anyways...except you'll be spending dozens of hours in Liberty City's solo mode. It's a personal decision for sure.
The trade off for better performance is the downloadable content, which we know nothing about except two episodes being exclusive to the X360. Does this mean after the two eps, we could see DLC on the PS3? Yes, but that wouldn't be for another year and a half at the earliest. Perhaps the PS3 will get it's own DLC? Maybe, surely, hopefully, but NOTHING has been confirmed by Rockstar in regards to PS3 DLC. On the other side, DLC has absolutely been confirmed for 360, and Rockstar is excited to deliver the content as early as August. Considering how great the story is according to reviews, that's just plain awesome news.
And there you go. What many multiplatform owners are considering is buying the PS3 version now, and picking up the 360 version in the fall once the DLC starts crackin'. Another option is to rent the 360 version and see if it really bothers you enough to hamper the experience. And of course, if you love Achievements and Live, then the choice is pretty clear, no?
For most, it will be PS3 now, 360 in the fall for DLC episodes...a win/win for multiplatform owners.
WARNING: Xbox 360s that are not equipped with HDDs (no matter what size) seem to suffer from more technical flaws, including longer load times. Those few with 360 Arcade units should try to get a HDD for the best GTA experience. Review units in the articles above are typically done on Pro machines unless otherwise noted.