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"The PS3 version of Oblivion isn't a simple port of the game either, although players who have picked up the 360 version will be very familiar with the control scheme. For one thing, the PS3 version has been optimized to take advantage of the Cell processor and hardware that the system offers. As a result, the game runs a lot faster than the 360 build. Entering dungeons or buildings results in a load of 3-5 seconds, compared to the 7-10 seconds or longer for the 360 version of the game. Similarly, the amount of framerate drops or hitches that cropped up in the wilderness as you accessed a new area on the 360 have been substantially reduced on the PS3 version. There is a plan to completely eradicate these issues as the game nears release, as well as fixing a number of bugs that were present in the other builds. Kiss the item duplication glitch goodbye."
"Visual textures are much sharper in the PS3 version of the game.
The visual presentation of Oblivion has also been significantly enhanced. While it was a beautiful title on the 360, far off environmental details often displayed low resolution textures. This has been fixed with new shaders dedicated to rendering the foreground cleanly with sharper details, so rocky landscapes now have craggy appearances instead of smooth, non-distinct surfaces. While there is still a fair amount of pop-in that occurs (which can't be helped due to the size of the world), the draw distance is farther than the 360 version. As a result, screens from the PS3 version should approach those from high end PCs running Oblivion, which is an impressive feat."
"Oblivion will make extensive use of the PS3's hard drive by caching multiple gigabytes of data, which seemed to help with load times from what we saw. Bethesda's Pete Hines also commented that recent reports of data duplication on the PS3 Oblivion disc have been exaggerated, and this technique isn't different than the similar strategy that was employed in the creation of the Xbox 360 game last year. Lastly, it's unclear if or when the PS3 will see the Shivering Isles content on the way to the PC and Xbox, though with a burgeoning PlayStation Network and plenty of unfilled hard drive space, it's not hard to imagine the expansion can be made available to PS3 owners somewhere down the road."