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The Xbox 360 is the top HD platform for practically all multiplatform third parties.  So third parties favoring it doesn't come as any surprise.  It not only brings in more money for third parties but it's also easier and quicker to develop for. 
I'm sure some people will come in and talk about the power of the Cell but that's nothing but a headache and another needless expense for third parties.  And for those bringing up Europe as the great equalizer, well I have serious doubts about that when every multiplatform third party financial report I see shows the 360 well ahead of the PS3.