Oh, and the PS3 could actually eat the 360 for a late night snack. The 360's processor is actually a dumbed down (and ripped off) PS3 cell processor. Get your facts straight.
I'm going to keep things relatively simple while providing (hopefully) enough detail to illustrate my point. So please forgive any oversimplifications.
The 360's CPU is a tricore PPC. The cell is 8 SPE's (one disabled for the PS3) + one PPE (similar to the PPC cores of the 360) largely for task scheduling. Both run at 3.2GHz. In theory, the PS3's Cell can execute 10 simultaneous threads (1 per SPE + 2 per PPE), while the 360's CPU can execute only 6. In reality, one of the SPE's are disabled, and the PPE of the PS3 is mostly relegated to task scheduling. This drops the usable thread count to 7. Even then, the PS3 only nears it's maximum performance with parallel matrix multiplication. The 360's CPU also has architectural limitations to reaching its maximum performance, but it isn't as much weaker in practice as you might think.
The PS3 certainly has more potential to execute physics calculations. I would argue, however, that the 360 makes up for this (at least in part) with a superior graphics capabilities. The PS3's RSX GPU is effectively a Geforce 7800 series chip. The 360's Xenos GPU is effectively an X1900 series chip. Without going into an ATI vs nVidia battle, I'll just state simply that the X1900 series was clearly superior than the GF7800 series.
I would surmise that the 360s architecture is better balanced for current games than the PS3. I base this off the fact that the PS3 has yet to release a title that makes the 360 feel obsolete. The argument that the PS3 is harder to program for is hardly relevant. That simply means that the hardware was too specialized to be adapted (with in a reasonable amount of time) to the task. The 360's more generic (even if weaker) architecture has allowed developers to make better use of the hardware. It seems that, by the time the PS3 is fully exploited, a new, much more powerful Xbox will likely be available.
Ok, that didn't quite come out right...
What I mean is that it is a good idea to keep up so you aren't seen as a just some idiot spamming the comments.
Ok, that wasn't much better, but I tried. :-D
Don't go getting all politically correct on me. Contrary to popular belief, having strong opinions of your own is a good thing. People constantly riding the fence never get to play in the field. Though, it is usually more helpful to be specific with comments (politically correct or otherwise).
Disclaimer: I own none of the current consoles myself, but, I've seen more than enough game play on all three. My gaming systems have been and will remain the PC due to superior hardware and more control options. I was gaming at 1080P+ before HD consoles ever hit the market. :')