@ binary solo
I don't share your concerns, IMO first parties will continue to investigate how to best push the PS3's capabilities. We see this with regard to massive online experiences (like MAG), Play & Create (like LittleBigPlanet), story telling (like Heavy Rain), visuals (like Uncharted 2), audio (like Killzone 2), epic boss battles (like God of War 3), etc, etc. Such trends will continue regardless of the XBox 360.
Actually for improving the quality and feature set of multi-platform games, it will probably be better for the PS3 if Microsoft launched a new XBox with more storage capacity, default harddrive and more processing cores.
Ironically various multi-plaform 360 games or games based on cross platform gaming engines look so far better than the games based on 360-only gaming engines.