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yep the ps3 looks a lot better in terms of specs, plus the new nvidia fx 7800 is the same chip that powers the ps3 and if u dont know you should know that a SINGLE 7800 has outperformed 2 6800 gts running in SLI mode so, PS3 is surely rather formidable but as someone rightly said, now point having so much power if people arent gonna use it.
Also, i read somewhere that MS is thinking of making xbox 360 platform open to developers to give it an edge as anything sony is too proprietary to be improved upon by independent developers. lets see though, none of them are out till next year and by then, the cell chip will start shipping commecrially and will probably be powering most of the household gizmos as it is low in power consumption and super high in terms of performance.
It looks to me that the XBOX 360 will win this battle. Sony's PS3 is an amazing gaming machine on paper, but seems way too difficult to make games for it.