http://www.vr-zone.com/?i=2206
Theoretically it is a variation of this card used in a dedicated setup in the PS3.
Supposedly the PS3 is able to do 2.18+ Tflops, with the XBOX360 supposedly able to do about 1.25 Tflops.
Now here is the kicker. Looking at the marchitecture and looking at it from a sheer speed POV, the XBOX seems to be the faster product wrt the all-important shader-speed. BOTH systems are highly specialized with independent API's apparently that game-devs are working with.
Consider though that the PS3 is deriving much of this Tflop power via the GPU. About 1.8 Tflops to be precise. The XBOX360 is a lot more balanced beast even though the claimed Tflop number is about half.
Theoretically they are using basically the same type of procs in the system. Sony has simply customized theirs a lot more thereby allowing for better on-die processing and, again theoretically, getting better performance a-la AMD and their on-die mem controller.
Keep in mind the methodology of the powerPC proc and the AMD proc in my analogy are very different, I am simply correlating the benefits of work done on-die
Personally I think both systems should be close in performance and gfx, and if they both are out to do well, it will mean cheaper prices for us, the consumers.
I am still of the opinion that because the Nintendo revolution will use a refresh of the XBOX gpu, it could well end up being the strongest competitor.
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As an aside WRT in-game footage, some of the XBOX360 was in-game, some CGI. Pretty much all of the PS3 was CGI. Everyone getting a boner based on the footage will be in for a reality check when they actually play the games. They'll look good, but not quite as good as the custom CGI clips nor anywhere as smooth.