What I've seen in different objective analyses is this: if you barely use the SPEs, the 360 tops the PS3, as it has more memory, a slightly stronger GPU, and the main core of the Cell is similar to each of the cores of the Xenon, and the latter of course has three of them.
If you do use the SPEs, you can get better graphics out of the PS3, but you have to be VERY PRECISE on how data is manages among them, which can take a lot of work to figure out.
Basically if someone figures out an engine to manage the way the SPEs handle data, it would be a major boost for PS3 development, not to mention likely to get the owner of the engine loads of money (I still have a hunch this is exactly what Katuragi is doing right now).
A flashy-first game is awesome when it comes out. A great-first game is awesome forever.
Plus, just for the hell of it: Kelly Brook at the 2008 BAFTAs
