Graphics yes but the real question is will the 360 run it the same as the PS3 without downgrading it? the answer is no.. with a blu-ray and a 7 cores as a head start, I don't think the 360 could run the game on par with the ps3 even if they remade it for the 360 from scratch.
I know disc swapping is not really an issue to some people, like me i don't really care about swapping discs, but multiple disc on an action game is just not right, I mean GOW3 is not an RPG it's an action game that you can beat in a day or two. GOW3 is like 35gig overall so you'll be swapping 4 discs in 2 days.