Sorry I havent bothered to post here in a while, been really quite busy recently.
This is just my take on the whole "next-generation" gaming consoles war. Have fun.
As always, let us begin with teh released ps3 statxorz::

CPU
Cell Processor
PowerPC-base Core @3.2GHz
1 VMX vector unit per core
512KB L2 cache
7 x SPE @3.2GHz
7 x 128b 128 SIMD GPRs
7 x 256KB SRAM for SPE
* 1 of 8 SPEs reserved for redundancy
total floating point performance: 218 GFLOPS
GPU
RSX @550MHz
1.8 TFLOPS floating point performance
Full HD (up to 1080p) x 2 channels
Multi-way programmable parallel floating point shader pipelines
Sound
Dolby 5.1ch, DTS, LPCM, etc. (Cell- base processing)
Memory
256MB XDR Main RAM @3.2GHz 256MB GDDR3 VRAM @700MHz
System Bandwidth
Main RAM 25.6GB/s
VRAM 22.4GB/s
RSX 20GB/s (write) + 15GB/s (read)
SB< 2.5GB/s (write) + 2.5GB/s (read)
System Floating Point Performance
2 TFLOPS
Storage
Detachable 2.5" HDD slot x 1
I/O
USB Front x 4, Rear x 2 (USB2.0)
Memory Stick standard/Duo, PRO x 1
SD standard/mini x 1
CompactFlash (Type I, II) x 1
Communication
Ethernet (10BASE-T, 100BASE-TX, 1000BASE-T) x 3 (input x 1 + output x 2)
Wi-Fi IEEE 802.11 b/g
Bluetooth 2.0 (EDR)
Controller
Bluetooth (up to 7)
USB 2.0 (wired)
Wi-Fi (PSP)
Network (over IP)
AV Output
Screen size: 480i, 480p, 720p, 1080i, 1080p
HDMI: HDMI out x 2
Analog: AV MULTI OUT x 1
Digital audio: DIGITAL OUT (OPTICAL) x 1
Disc Media
CD PlayStation CD-ROM, PlayStation 2 CD-ROM, CD-DA, CD-DA (ROM), CD-R, CD-RW, SACD, SACD Hybrid (CD layer), SACD HD, DualDisc, DualDisc (audio side), DualDisc (DVD side)
DVD: PlayStation 2 DVD-ROM, PlayStation 3 DVD-ROM, DVD-Video, DVD-ROM, DVD-R, DVD-RW, DVD+R, DVD+RW
Blu-ray Disc: PlayStation 3 BD-ROM, BD-Video, BD-ROM, BD-R, BD-RE
Specs are important, however understanding them is twice as valuable.
The official PS3 specs have YET TO BE RELEASED meaning that, despite some of the press releases, we still have only a rough idea of what'll be in it. The specifications previously posted are just sony's way of appeasing the public, giving us a minimum idea of what might be in the ps3.
The Cell processor is not like any other processor ever made. Although we've had multi-core chips before (see the dual-core intels, or tri-core 360, or quad-core G5) there can never be too many of them or it'd take a whole processor itself to correctly divide the jobs and achieve maximum performance out of all the units. So thats what IBM did in the creation of the Cell.
Instead of having one, two or three units in the chip, theres more like 5. About four (or more) slave chips, then one PPC master processor to divide jobs between them. IBM's Power line of microprocessors come in separate generations, the PPC74xx (32-bit) leading into the PPC750 (64 bit, multi core, used in power mac computers and higher end ibm eservers) to cell (64 bit, at least 5 cores). The 360 was released with a modified (specialized) PPC 750, whereas the ps3 will instead use the Cell. So, technically speaking, the 360 is exactly one generation behind.
Even then, the processor used in the 360 was specialized to the extreme. Although they upped the clockspeed to 3.2 GHz, they still lagged some in l2 and bus speed when contrasted with its equivalent PPC750 (the lower-end apple powermac g5s), and achieve disappointing real-world benchmarks against others of its type. This doesnt mean that it isnt a wonderful system at an almost unbeatable price, just that it still isnt comparable to higher end systems, the way an affordable game system (or 'multimedia center' or whatever its being hyped as this week) should be.
Sony, on the other hand, does not intend to market the ps3 as an affordable gaming system. Far from it, the ps3 will have cutting edge technology that hasnt even made it into the personal computer (or even server) realm yet. It may cost more, but with very good reason. It will boast technology that will remain cutting-edge for years to come.
With up to eight controllers and dual-head HDMI HD video output, I think most gamers will enjoy the extra power, even if it does cost $100 more. I know I will.The 360 is a very nice system, yes. And yes, it does blow away the original xbox, gc and ps2. But its only the first so-called 'next generation' console out, and shouldnt make judgments about other consoles that simply arent out yet.
In conclusion, the ps3 will OWN the 360.