Recommend with the PS3 is the moment EB/Gamestop opens the line for Preorders, get yours in. If you wait, your gonna be stuck in line at Walmart or Best Buy with other people you'll be afraid off for 12+ hours
Although I don't preorder, if I did I would go with online. It's simple, easy, and involves very little from the buyer other than the wallet. I still think there's something to be said for weathering the elements and standing in line among those who share your interest and anticipation for a game.
I'll drive down to my local EB and ask my friend (the manager) to grab one for me, like I did on the PS2's launch day. Oh those poor people who waited in line at Wal-Mart for 6 hours to end up with a PS2 memory card.
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Re: Preferred way of preordering?
I've never preordered a system. The logical thing does seem to be online, but I think I would do the whole waiting around in a line outside in the cold...just for the experience. It makes me sad that I will never be able to do it to Star Wars.