I think if you go on general views it's in terms of processing / graphics power
x-box>>>>Wii>>>>>>>>Xbox360>>>>PS3
I know the PS3 has 6 graphics processors though at current resistance fall of man at the time of release will be using 4 of those (takes devs time to get there head around everything). I guess though in general it will fall to the difference between 720p and 1080p and what difference you'd see in that, but I'd guess the "idea" would be the PS3 could run at 1080p with the same FPS as the 360 at 720p and both machines would be running at top whack ... Though how all this will work in the real world who knows.
Does seem to be Sony are keen on the homebrew and small development idea's though why that goes down well with sony and MS and not with Nintendo I'm still a little boggled at, but hey I doubt people will be spending all that money on a PS3 to play games Ricky Smith made in his bedroom with his best mates voice being the "sound track"
Any games devs still here know things in more details though ?