If the 360 launched on the same day as the PS3, I think the installed base would be much closer than it is now. The PS3 could very well be leading in that phase. I mean, it has been outselling the 360 since it's launch, which is evidenced by the initial gap being closed.
If they were to launch during the same time, that means developers would have the dev kits for both systems at the same time, thus eliminating "situational" exclusive games like Dead Rising, GRAW, etc.
The earlier start was a huge advantage for the 360 (and a good move). Not only did it provide the aforementioned exclusives (amongst others), but development familiarity throughout the industry, and no current generation competition for a year, including the first holiday.
There's a ton of hypothetical(s) to go along with answering this question, but given my knowledge of how this all works, I reckon the current results would be very different.
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