Well the verdict may finally be in. Looks like the PS3...by a hair. According to John Carmack (Doom, Quake programmer) says the PS3 has a touch more peak power. However, he also says the power of the 360 is easier to harness and he prefers the 360 CPU. Future titles will be available on PS3, 360 and PC simultaneously.
So it seems PS3 wins but not by a bunch. It really will come down to the games. And most importantly for the 360 how good the second and third generation games are going to be and it may just be that the 360 being easier to harness will display more power than the PS3 for a bit of time. By the looks of Fight Night and Oblivion I'd have to say the second generation games look pretty darn good.
Question is when does the PS3 launch. Seems odd that for a supposed March launch no one can get any info from Sony. Personally I'm more than happy with my 360. Also interested in what the PS3 price point is going to be. The first standalone Blu-ray DVD was unveiled the other day....$1800 if I recall the correct number (maybe $1200 but certainly 4 digits).
http://www.buzzscope.com/features.php?id=1248