Seriously, Cortex-M3 microcontrollers are much more powerful than any AVR or PIC at the same price, with roughly the same level of complexity as a high-end PIC/AVR.
ARM already dominates high-end embedded systems, and is quickly penetrating the low end. Atmel and Microchip both see the writing on the wall; control of Atmel's ARM line was a major factor in Microchip's failed hostile takeover bid for Atmel several years ago. If you have any professional interest in embedded systems, it may be a better bet to invest time in ARM rather than an 8-bit architecture.
There are a few arguments left in favor of PIC/AVR: ultra low power consumption, pin count, and price for the low-end chips, DIL package availability, and support for hobbyists in the forums. I'm not sure a difference of $1/unit and a few uW/MHz is relevant for hobbyists, and the Arduino is probably a better solution for people who aren't comfortable working with SMD. (Which honestly isn't that hard, anyway...)