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Having more floating point operations is definitely waaaaaaay better in terms of speed (while they are generally harder to program), and while the Xbox 360 is capable of more vector operations - which it make it easier for the programmer but are almost 2 times slower - at the end of the day the PS3 will just do everything faster.
I must also add to confuse things, the Xbox360 does have a better graphic card. Personally I think that would make the graphics to be the same or similar for the 2 consoles, with PS3 capable of better physics or lighting. But that is just a feeling at this point and not proven.