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ph4nt said:
Summary:

PS3 has stronger CPU but weaker GPU
360 has stronger GPU
PS3 CPU can be used to help GPU

end performance =nearly identical.

Well, the way it seems people believe is that PS3 gets a slightly higher quality picture (when TV settings are adjusted of course), but Xbox gets a more consistent, and higher frame rate and less screen tearing. So it comes down to preference, do you prefer a slight sharper image, or better performance?

Really seems to depend on a case by case basis, and there are times when the Xbox version also looks better.