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While I see your point regarding the cache, I would rather have a more powerful graphic card than a card with higher cache. The higher cache you talk about will not turn into more shader ops simply because the graphic card in the PS3 cannot produce as much as the Xbox360. The Xbox360 cards cache is sufficient for what it needs to do.
Only when you try to use the SPAs in PS3 as a graphic card can you balance this out. Still it seems the Xbox360 graphic card is more powerful.

You have 37 million transistors more on the Xbox360 graphic card.