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I think it is pretty obvious that Devs have gotten to grips with the hardware now, just look at the games that have been released!

And in terms of them reaching the PS3's limits now, thats just insane! Compare games on the PS2 that were released early in the lifecycle of the console and games near the end (such as FFXII) and they look much much better! So there is a lot more to the PS3 to come :D