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the old Xbox and the PS3 are very very different... The PS3 has so much big multi-million budgets games in production... GT5 from PD, Team Ico's 2 games, Naughty Dog and Drake's fortune, Wipeout , Killzone 2, Ratchet & Clanks, Motorstorm 2,The Getaway, 8 Days, God of War 3, MGS4, FF13, FF13 Versus, White Knight Story, Games from Cellius, Tekken 6, Lair , Warhawk, Heavenly Sword, Ninja Gaiden Sigma, Little Big Planet, Afrika, and games we dont know yet...
These are not cheap games... Square, Konami, Namco, Level 5 , Sony Worldwide Studios, Insomniacs, etc...

Sony's 1st and 2nd party are working hard on the PS3 hardware to show that there's more power in it than the 360. And it's logical... even just the HDD in every PS3 can make a great difference.
And with years if HD content and HD-TV are selling great the BD+HDD will be the minimum to make a complete HD game like FF, White Knight Story,Silent Hill and all games based on story and content.

If we look at the 360 we see a lot of UE3 games... Gears of War, Bioshock , Lost Odyssey, Halo Wars, Mass Effect, Strangehold... All UE3 games... That's the easy cheap way to make a game that looks nice but without all the optimisation and personnalisation of a 100% non multi-platform engine... Every game on that list coud work on PC or PS3... And maybe they will come to PC in fact... I dont see there as much potential as a game from big studios with more personnalisation in the Engine... There's Halo 3 ( graphics on the beta are not that great ) and Alan Wake with no UE3... but they will be on PC too one day... So Im sure I will be more impressed by Killzone 2, drake's fortune, ratchet & clanks, GT5 , MGS4, FF13 than all those games with UE3... and they are more mainstream than FPS games.

Really the lack of game on the PS3 is temporary... the only problem for Sony is cost reduction to win this generation.