On the 360, there is minor tearing in pretty much the same spots you get slowdown in the PS3. But tearing aside framerate is MUCH smoother all the way throughout. I've been reading that the PS3 version is supposed to be better in this area, I'm glad I stuck to my guns and got the 360 version. Capcom really need to get their act together on the PS3. The slowdowns and graphical hitches on a machine as powerful as the PS3 is unacceptable.
If there are people here still deciding on which version to get, I think the 360 version is the one to get. There's none of that stupid LCD like motion blur you get on the PS3, GFX are sharper and smoother and loading times are practically identical. And what happened to the lossless PCM audio option on the PS3 Capcom? You lied to us!
Sure the DS3 is a better controller than the 360 pad in regular play, but switch to a lighter (preferably old and used), wired 360 controller and play using a high level style play where you map the gun button to RB (so you can charge while attacking) and the differences are moot. I'd even go so far to say that my 360 wired pad triggers are arguably superior than the DS3.
Revving is easier and charging gun attacks while locking on is easier, due to the shape of the pad. My hands were cramping when I used the regular 360 controller, but not with the wired. There you go. I had to get it off my chest.
The 360 version of DMC4 is technically the superior version. 1UP got it wrong, my friends got it wrong, a lot of folks in this thread got it wrong. I for once got it right. And yes I'm pretty chuffed. :lol