If you are interested in buying a console, I'm guessing that you want to play games on it. Therefore, the best option right now is the 360. If you are willing to wait a year, the PS3 might be your best option.
If you go with a 360, you should definitely get one with HDMI. Sure, you can use VGA or component, but not all TVs support 1080p VGA or component. I own a 60" Sony HDTV and I was very disappointed when I found out that I could only get 1080p over HDMI.
However, none of this matters if you primarily want to use your console to fold. That's an easy choice. Get a PS3.