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Microsoft has better expertise in its own operating system, so they tend to be more stable.
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Monthly charges
However the major advantage of a central sign on is that you can keep the same username/password across games.
I've been beta testing the PS2 Online kit in the UK and it has been performing fantastically well. Very stable, fast and lots of fun.
Arguments over who writes the better operating system, or provides SDK documentation are redundant since both companies offer this to third parties.
The list of online games for both platforms also indicates third party development houses are being supported well. I hope we soon see an end to the highscore table as the token online feature.
As always, it is content that will decide the battle. This should be an exciting time ahead for console players as the two giants pour money into providing the best online gaming experience.
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