Coming from a technical standpoint, the PS3's Graphics processor is slightly superior to that of the 360's.
You can't use games to argue this, at all even. Developers have had more time to work and push the 360's graphics, testing their limits, knowing what they can and can't do. It allows for better optimization, i.e. lighting.
The PS3 doesn't have as much time on it's back, but it does have a slightly more powerful video card, so over time, it may surpass the 360's. No, not may, will, if developers put the time in.
And if you even THINK about using Gears of War for an argument... that's the graphics engine. It's made by one company, known as Epic. Epic has made a lot of the best graphical engines out there for multiple consoles, but they're still not done with Unreal Engine 3(what gears uses) for the PS3. When they are, I guarantee you if Gears was put on the PS3, it would look EXACTLY the same. Doesn't matter time or experience when the graphical power is about equal for both systems, technically. Essentially, UT3 on the 360 and PS3 will look 99% the same.
Before I get flamed... I'm an experienced video card comparer. I specialize in PC video cards, but I've seen the tech specs of the PS3 and xbox 360 video cards, and they're respectively more powerful in different areas, but all around almost the same. The 360's video card(ATI) is slightly better/faster at shadows, while the PS3's(NVIDIA) is faster/better at textures. They fall essentially in the same category as ATI's and Nvidia's PC video cards at the moment. Each stronger respectively, but not by a major amount.
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