just wondering.  i heard an install update got realeased for the ps3 version that helped with some of its problems.

nope. All the loading is gone. Some people could argue that the install makes up for the score that it has... but in light of recent retractions at ign and other places, maybe a rereview should be in order for bayonetta ps3

Yes

But the loading when picking up items is gone and trigger the equipment menu. If I'm correct, the framerate issues, screen tearing, and color issue is still there. (my friend has the ps3 ver.)

I have the PS3 version of Bayonetta, pre patch I had no problems with it so post patch it should be even better.

It fixes the loading but not the inferior graphics with washed out colors and whatnot.

i got the ps3 version, haven't gone online to download te patch but i dont have an xbox360 to compare it to so i wouldn't know.
ignorance is bliss hahahahahhahahah

I've played both versions... one at my friends Xbox and the other on my PS3, after the patch and installing it on my PS3... the framerate and the loading issues got REALLY better... but still there was some really annoying screen tearing, but it was running on 1080p... so i put on 720p and the screen tearing was almost GONE! (of course there was some... but i found them in the xbox version as well)

bottom of line... if your playing Bayonetta on the PS3 (installed), put it on 720p and you will see there it will be on par of the xbox 360 version.