In theoretical power, PC's will always win. However, games can be tweeked for consoles due to specific hardware, so A BIT of ground is made up. In the end though, the games I am looking most forward to on the PC do not have graphics that would tax the PS360 at all - those games are Starcraft 2 and Diablo 3.
I share the perspective of those stating above that COST will become the limiting factor over technology in the next generation, so it may be a moot point anyway.