Both the 360 and PS3 appear to be on about the same playing field as far as graphics are concerned. I don't think I've seen a single game on the PS3 that made me feel like it simply wouldn't be possible on the 360. I'll openly admit that, in my opinion (and that's all this entire thread is--opinion), the two best looking games released this gen are both on the PS3. Those games are God of War 3 and Uncharted 3. They don't blow away my favorites on the 360 but they do look better to me.
Thing is, the PS3 was released a year after the 360. It was supposed to be packing this new, amazing Cell technology that would blow away PC's. It used Blu-Ray as its primary format (which people wrongly stated would pack all of these extra textures, etc.). The system cost anywhere from $200-$300 more than the Xbox 360. With all of these things factored in, the PS3 should have destroyed the 360 in the graphics department. In the end, it's just slightly better looking when it comes to a couple of game series. And even then, it may just be because Sony's studios pushed the console in a way that Microsoft's studios may not have tried.
Long live "the king".
