Well the specs are out for both platforms and some screenshots from the PS3. Despite impressive looking numbers I have the feeling the PS3 is going to not just beat the fuck out of the Xbox360 but tie it up, beat it for half an hour with a 2x4 and make it dig it's own grave. The screenshots are *incredible*
Take a look for yourself. In every single spec the PS3 beats the Xbox, from backwards comparability to options for memory cards to every performance spec. Seems to me unless MSFT can pull some incredible games out their ass and Sony fails to produce any massive hits the Xbox is *screwed*.