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On a hardware basis the ps3 is indeed more powerful. The RSX Gpu is fairly even with the ATI chip in the 360. The cell cpu is more powerful than the powerpc tricore of the 360, but the cell is harder to code for and also does sound etc on the chip.
Theres no point in arguing about tech specs, we won't see consoles get compeditive in terms of quality for probably another year or two.
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