Both consoles have the same ammount of RAM, but there are differences:
360's RAM is unified, CPU and GPU share a 700 Mhz 512MB DDR3 RAM
PS3 has 2 pools: 256 XD-RAM running at 3.2Ghz for the CPU and a 700Mhz 256MB DDR3 RAM for the GPU
360 has more flexibility... which equals less expensive and more efficient coding.
PS3 has more speed... but sacrifices easiness of coding for better results.
People think the PS3 can't use the CPU memory for graphical applications... that's wrong. There's some flexibility, but the key thing is using the Cell for gfx by itself, that's the better way of efficiently using both RAMs.
SambaLele
PS3 doesnt have more speed ram wise, DDR at 700MHz is 22GB/s while 3.2GHz XDR has 25.6GB/s. That marginal speed increased is offset by increased latency using two different pools of ram.
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