No.
PS3 isn't powerful enough to produce better 1080P graphics than 360 at 720P. Or even the same.
Yeah, I'm sure the fanboys dont want to hear that, but oh well it's the truth.
The proof is in the pudding, if it was, there would be lots of PS3 games at 1080P right now. Instead there's hardly any.
And GT5 isn't 1080P btw, before anybody brings that up. It's 1280X1080. It's nicely better than 720P, but it ISNT 1080P.
Also guy above me, God of War 3 isn't 60 FPS, it varies between 30-60 FPS. http://www.eurogamer.net/videos/digitalfoundry-god-of-war-3-demo-vs-final-game?size=hd
Oh, the reason I bring up 360 is that's really the competition here.
You can have 1080P games whenever you want. Just like you can have 60 FPS games whenever you want. Both simply entail graphical sacrificies.
The main thing that probably keeps the HD twins from more 1080P games, is the need to compete with each other graphically. If there was only one HD console, competing with the Wii, you might see more 1080P games.
You might not though, because games could still have better effects, shaders etc at 720P. It's a tradeoff.