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Fable, a defining title? Maybe as much as MGS4... which means not so much. Halo and Gears of War are the obvious 360 answers...

The PS3? It'll take a while... it's possible they'll never have any really huge titles until GT5. It's all up to new IP's, since Sony didn't make their presence felt on the PS2 compared to any other system (talking about broad appeal).