Speaking in a reader interview on the official PlayStation site, House said: "As with all consoles, as developers spend more and more time on the platform, they learn more, resulting in an improvement in the quality of the games.
"If you look at PlayStation 2 as an example, it took God of War II eight years into the lifecycle, to fully utilise the potential of the console."
He went on: "Already with PS3, you can see how games have evolved quickly in the three years since launch, with games such as Uncharted 2: Among Thieves, LittleBigPlanet and Heavy Rain really exploring the potential and the power of PlayStation 3."
"I think it is unlikely that any developer has fully utilised the full potential of PS3 yet, but they are getting much closer everyday."
Arguably the best-looking game on the PS3, God of War 3, was only running at about 50-60% of the game engine's potential, according to its director Stig Asmussen.