I've read that Sony was under the impression that the licensing agreement meant that IBM would market Cell tech to other customers, those customers being in other computer markets like datacenters and stuff, rather than to Microsoft, for the 360, at the same time that the PS3 was still in development.
"As the book relates, the Power core used in the Xbox 360 and the PS3 was originally developed in a joint venture between Sony, Toshiba and IBM. While development was still ongoing, IBM–which retained the rights to use the chip in products for other clients–contracted with Microsoft to use the new Power core in their console. This arrangement left Sony engineers in an IBM facility unknowingly working on features to support Sony’s biggest competitor, and left Shippy and other IBM engineers feeling conflicted in their loyalties."
from http://gamearchitect.net/2009/03/01/the-race-for-a-new-game-...
(it's a book, and worth reading)