Maybe, but I doubt it. 360 only had 8.3gb discs (7gb at the start of the gen) , ps3 had Blue-ray so the ps3 games had more storage for textures and better audio. Also the ps3 had a ton of tricks up it's sleave for extra proecessing power if a dev knew how to use it. Games like uncharted series, heavy rain, MGs4, Heavenly Sword, and infamous, lbp, I don't remember anything like on 360.
I bet they could of made an uncharted, but would it be as nice, and solid a game? I doubt it. Not only did they not have the studio, but they were more into multiplayer games, mostly it seemed. One of many reasons I stuck to ps3/psp/pc/wii that gen (also them buying then killing multiple pc studios, and taking resources away from pc exclusives really rubbed me the wrong way, funny how everyone here forgot this during ms acquisitions. )