I don't really feel like getting into an overly deep technical discussion, but the PS3 numbers are highly over-inflated. The 360 has three 3.2GHz PPE cores. The PS3 has one 3.2GHz PPE core with seven SPEs (and one redundant SPE). The 2 TFLOPS number for the PS3 is a misnomer as well as it assumes only single-precision calculations, which are often error prone. When it comes to the application of the Cell within the bounds of producing game graphics, A.I, audio, physics, etc, the Cell and GPU must produce double-precision calculations which results in a 10:1 hit in performance. So the realistic output of the PS3 is reduced significantly.
The 2 TFLOPS number is actually two-fold: 1.8 TFLOPS for the nVidia GPU and .2 TFLOPS for the Cell. But that claimed 256 GFLOPS bandwidth within the Cell is realistically only 25 GFLOPS in application. You'll notice that the actual DP performance of the Cell matches nearly perfectly with the memory bandwidth of the console: ~25GB/sec. Coincidence? I think not. This is why Sony is renound for inflating their numbers.
The only company worse than Sony for inflating numbers is nVidia, so they make a good pairing. When it comes down to the actual graphic system, Xbox360 has the upper hand. The nVidia chip is a rather conventional design for a console, much like what they supplied for Xbox1, but of course NOTHING like Xbox1. It's much more powerful. The GPU in both consoles tap out at around 25-30GB/sec in bandwidth, but the ATI chip has direct access to whatever amount of the 512MB of system memory the CPU isn't using while the nVidia chip is restricted to 256MB. Both use GDDR3 at 700MHz so the ATI GPU has more headroom - not that it will necessarily need it.
The secret to what I believe will be why the 360 will look better than the PS3 in most, if not all games, is the embedded 10MB EDRAM tied directly to the GPU core. It provides the console with the ability to do 4X anti-aliasing on multisampled pixels at a rate of 256GB/sec with ZERO performance hit on the CPU or the rest of the GPU. These added effects and enhancements really take a toll on performance, so to get them "for free" makes a huge difference in application. This means that the console is free to expend all the power that would normally be used to give the game visual polish on other things like A.I, sound, physics, you name it.
As for actual graphic output, the result remain to be seen. Support for dual 1080p displays does not mean it will ever actually be utilized. Considering the majority of content shown at the PS3 press conference was not actual gameplay footage, but CGI, I'm certainly hesitant to buy into any of PS3s hype. Even if the final products show PS3 with a marginal hardware advantage, it will be very hard to beat 360's friendly user interface, online capabilities, and Microsoft's industry-leading developer support.
