The reason it's taking so long is Rockstar is having a hard time compressing all the nessarry textures and data to fit on the DVD-9 of the XBox360. Since they are compressing all that data, the graphics will take a major downgrade.
For the PS3 version, all the textures and graphics will be as big as they were, so they will be sharper and cleaner than the xBox360 version.
We all know that compressed data lose quality, hence the PS3 will have the high quality version.
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