Having more raw power means nothing overall, but from what I gather, the PS3 has a slight to significant power gap in certain areas.
CPU - clearly Cell is better. It's like EE to the Celery in the Xbox, but now instead of a few GFLOPs difference, it's 100GFLOPS. What devs use that for is any guess, but *gasp* it could well be graphics.
GPU - Not much known here, but we know RSX has roughly twice the tranny bugdet and 10% more clock. Unless it's a step back, it should write more pixels to the screen per clock, at least twice (16-24). That's a lot of fillrate. But the XGPU has a great thing going with the 4xMSAA. But if the RSX is outputting 1080p natively (Deano suggests this is already doable for the indoor stages of his game Heavenly Sword), then that's gonna translate into some free supersampling when downscaled to 720p. Besides which, I don't think there's a need for AA at 1080p. Not many tvs will support it, and if you have problem with jaggies at that godly resolution, then you should just kill yourself anyway. :lol It's really hard to say on the GPU front, but at the very least, I think the RSX will have a small advantage. But I think there's also a chance for it to have a big advantage depending on how effectively they can implement HDR support.
NVidia made a big deal of it in their presentation, and Epic also made special note of it for their UE3 demo. So you're talking about more advanced shader effects there. That combined with increased fillrate could be something else. But now I'm stepping into uncharted territory. I'm not as well versed on the software side, and that really does help a lot in understanding how the shaders work, as well as what some of the numbers mean. So I prefer to leave this to the experts on B3D. More than enough devs there to help clear this all up in the coming months.
We're not gonna decide this debate for some months, so let's settle in and let it come to us. Much of it has to do with the devs leaking info, or Nvidia/ATI revealing more about their chips. Some interesting stuff could go on with the eDRAM for the 360, especially if that 256GB/s isn't just "effective" bandwidth as someone mentioned earlier today. We'll see. PEACE.
EDIT: Speak of the devil, that crude block diagram from the presentation was capped:
Being discussed at B3D:
http://www.beyond3d.com/forum/viewtopic.php?t=22991&sid=29d91e91090cd4e591f8d3635631fd43
Looks like 16 pipes from that diagram too. :?