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Launch aligned comparisons are inherently disingenuous for competitive platforms. You really just can't divorce a platform's performance from the context of what was happening in the market and industry when that actually happened. Launch aligned N64 also slaughtered PS1 it's first 3 years, yet that didn't mean much in the end.

A 360 launching in Q4 2006 would've had an HD-DVD drive, upspecced chips, more RAM and launch games like Gears of War, Dead Rising, Saints Row, Oblivion and Blue Dragon. A PS3 launching in Q4 2006 would've had a DVD drive, no RSX (it'd have used a repurposed low-SPU CELL instead, as was the original plan), probably less RAM and launch games like Ridge Racer 6, COD2, Gun, THAW and (maybe) Genji (1).