Anandtech breaks down PS3 vs. Xbox 360
Okay, first, go read the article. Go on, this thread will still be here when you're done.
Now. The biggest thing I got from that is that A) the difference in hardware power won't be as big as it looked at E3, B) we're not going to see these consoles actually used properly until next Christmas when developers figure out multi-thread programming, and C) the PS3 can be more powerful, but only if devs spend alot of time with it than they have to with 360.
Of course, everyone said PS2 development would be killer too, but companies managed okay. What gets me is that everyone's using single thread programming for the first gen. That means all these 360 games we're seeing that aren't overwhelming look that way because one or two of the processors aren't even being used yet, which is messed up.
But anyway, I feel alot better about buying a 360 now.