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More relevant than video for Rock Band (which is only 720p60 anyway), the PS3 supports lossless multichannel PCM audio over HDMI on most titles, including Rock Band.
The Xbox can only do multichannel via on-the-fly compression to Dolby or DTS, followed by decompression in the receiver. The compression has an effect on audio latency and quality. You're left with an awkward choice between low latency and multichannel. On the PS3 you can have both (if you have HDMI - over optical, you're in the same situation as the Xbox).
Of course, if you don't have or intend to have a surround sound system, you don't need to worry about this.
Last edited by KMO_2000; 11-18-2012 at 05:20 PM.
XBOX: For Rock Band.
PS3: For everything else.
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I think just about everything has been said already, leaving the OP with more than enough info to base his choice on. Since it'll basically all be console bickering from this point, I'd say this thread has run its course.