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PS3 actually benefitted from 360's early headstart in terms of software R&D, and it's first 2 years were much fuller games wise as a result. It's hard to play this sort of "what if", because 360 launching a year later would've also heavily impacted PS3's own library.

Developers now (especially in the west) tend to think of the HD consoles as one platform anyway, each would be signifacntly worse off right now (versus Wii) without the other to spread costs/risks for game makers.