Not all stages of a game pipeline are naturally serial in nature, nor are the portions which are easily made into parallel operations cheap, or easy (or even realistically possible) to put on the 360 or PS3 GPU.
GPUs don't tend to handle the animation portion of a game frame, and that's not only excessively expensive (and it scales with the number of characters and skeletal bones you have in your animation, as well as the number of animations you are blending at once), but also something the PS3's SPUs excel at -- as in they can individually process this information (often hundreds of quaternion transforms interacting for each character, each frame) quite a bit faster than a single core of the Xenon can, and on top of that, there are 6 of them available for use, and they can do this while the PPU is off doing something else.
Animation and physics are probably the two largest expenses (by a longshot) of a typical shooter game's CPU frame. They have to be completed each frame before the skinning can happen on skinned meshes (basically all characters), and then sent off to be rendered by the GPU. There's absolutely no question that the Cell completely demolishes the Xenon at these kinds of operations, when they are written in a SPU-friendly manner. Less time preparing info for the GPU == more time for the GPU to render the frame. Yet another substantial rendering advantage of the PS3, and a game engine authored to use the PS3, that has to do with the system architecture, and not the GPU at all.