I'm fairly new to chip architecture as well but I think what your saying sounds right. Although the PS3 has partitioned RAM (2x256) opposed to the 360's shared RAM (512) I believe the RSX can use both sets of RAM so it's difficult to know what the RAM restrictions of each GPU really are with these 2 designs. Also OS RAM usage needs to be taken into account.
I get the feeling that PS3 exclusive developers can optimise a game for the RSX as they know how many pixel/vertex shaders they have available and can adjust the engine accordingly. Of course they can also use the Cell processor to offload as well. However, for multi-plat developers this is a problem and the unified shader architecture of the Xenos is much easier to program for and far more efficient.










