Username2324 on 25 January 2008
The PS3 is far superior in terms of power, the problem is up until now most Mulit-platform games have used the 360 as the lead console, resulting in a crappy PS3 port. And if you read around, most estimate that only about 25% of the PS3's power is being tamed.
As 2008 continues we'll start to see the PS3 as the lead development platform, which should start to cause a noticeable difference between it and the 360. You might also recall some games for the 360 are being released sub-HD running at resolutions such as 640p.
(Just a side note, all of those comparisons saying the PS3 colors look washed out are due to them not properly setting up their display and using crappy component cables instead of HDMI)
