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Here's my take, minus the tech speak:

Forget about the arguing, much of the information presented by the topic creator IS correct. Trust me on this (or not, up to you...but I can assure you those who choose to disagree on the basis that they believe the PS3 is markedly superior are kidding themselves), both machines are closely matched and there is NO GAME we have seen on either platform that couldn't look as good on the other. The PS3, purely from a numbers perspective is perceived to be a little stronger but these extra resources are mostly reserved for other functions. This has been common knowledge for a long time but the fanboys (and Sony for that matter) like to gloss it over. With this in mind there is a compelling argument that the 360 can pump a little extra performance out over the PS3, but the games themselves are nearly always what people remember and Sony's machine is certainly right there showing us some of the prettiest games this gen. The race is still very open.

Also guys, just before you go declaring a winner based on the games we are seeing right at this moment...it's worth noting that this talk of pushing the consoles to their limits with games like Gears 2 is just that: talk. Neither console has been pushed all that hard yet.