Just like Pure, Split/Second operates with a steady 30FPS, with only slight deviation from the standard when the engine is really under stress: the fire effects in particular clearly introduce some small performance issues, for example. In these cases, it's the Xbox 360 build that runs a touch more smoothly. It also exhibits lower levels of screen-tear, though the human eye is unlikely to really tell the difference between the two versions - in this level, at least. Statistically though, in the sample above, Xbox 360 produces around four per cent torn frames while PS3 is at 11 per cent.
Gameplay-wise? The demo code suggests that nobody is going to be disappointed. The technical differences aren't massive, and more importantly, they don't affect the way the game plays: it's solid on both systems. It does look as though post-processing is pared back a touch on PS3, but it also seems to be the case that the 360 version of the game operates with a slightly lower vertical resolution - something like 1280x672 or thereabouts - up against the native 720p on PS3. You can get an idea of how this manifests during gameplay in this comparison shot.