Triangle Setup
Xbox 360 - 500 Million Triangles/sec
PS3 - 250 Million Triangles/sec
Pixel Shader Processing with 16 Filtered Texels Per Cycle (Pixel ALU x Clock)
Xbox 360 - 24.0 Billion Pixels/sec
PS3 - 16.0 Billion Pixels/sec
The only reason people think (to some extent correctly) that the PS3 is more powerful than Xbox360 is due to the PS3's cell processors. If you sum up the PS3's total FLOPS, the cell processors do give it a total advantage in FLOPS. But this is very misleading - obviously FLOPS are only useful if the architecture enables you to use them towards what you need.Almost nobody used "cell processors" to potential initially, and for very good reason [2]. The bottom line is they were incredibly difficult to program for in any useful way to graphics. But more than that, they are limited in very specific ways [3]. They won't increase triangle throughput, and they don't directly increase pixel throughput.
In some extremely rare cases, some game engines found a way to use them for graphics (like Battlefield 3's Frostbite 2 engine towards the deferred lighting passes). But by the time engineers found a way to leverage this extremely complex architecture, it was already too late. If you actually look at most Xbox360 vs PS3 games side by side, the Xbox360 often looks much better.
In this case though (the next gen Xbox and Playstation) the situation is reversed: Sony's GPU is actually legitimately faster, and by a large margin. Not only that, but having a full 4GB of fast ram is a HUGE advantage to Sony. High performance 3D rendering is inherently a bandwidth hog, because everything on the screen must be pushed through the pipes every single frame. Having a fast 32MB cache doesn't really help you if you want to consistently and smoothly render more than 32MB of content on the screen. And moreover, just as the last generation PS3 had an overly complex architecture making it difficult to reach its full potential, it seems Xbox and Playstation are swapping roles here as well with this generation.
[1] http://forums.gametrailers.com/viewtopic.php?f=23&t=7947...
[2] http://www.videogamer.com/ps3/saints_row_2/news/two_or_three...
[3] http://stackoverflow.com/questions/1355827/what-does-program...