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To be fair Wipeout HD ,Uncharted ,Ratchet and Clank ,Gran Turismo 5 and Metal Gear Solid 4 all look above anything the 360 have right now in the market.Maybe Gears 2 ,Banjo and Fable 2 will even things a bit but the PS3 has Resistence 2,Killzone 2 and Heavy Rain Coming too....

As for the GPU arguement well the 360 GPU is more modern in that it has unified pipeline and all but usually this is measured in MSOPS (million shader operations per second) and when you count the MSOPS of both machines the results are pretty even ....the RSX would have even a slight edge (100 MSPOS against 96 MSOPS) but the flexibility of the 360 GPU evens the things and can give the 360 the edge sometimes.Then we come to the CPU role in all this ,and there the Cell is really beyond the 360 CPU and its a CPU that works really well with graphics..