Can't really compare based on these two screen grabs; the lighting differences are simply too extreme.
I will say that there is clearer reflectivity in the water for the PS3 frame grab, but also more aliasing visible, particularly on the weapon and holosight, most likely due to a lower native render resolution.
I'm sure there are about million better frame grabs that could have been used to represent the 360 port as the "HDR" lighting in this particular frame make the blacks look crushed and the highlights blown out due to the high contrast horizon style lighting. But this is the type of effect one would expect to see in a realistic setting under the same lighting conditions, so it's not inaccurate by any measure; it just looks extremely contrasted.
