I was actually just reading about that tonight. Here is the wiki page on the PS3's GPU
. Here is the Xbox 360
GPU page. For graphic quality, I prefer the PS3 over the Xbox360. At the bottom of the PS3 wiki in the Press Release section it says that the gpu is a lot like the GeForce 7800. No console beats a good pc imo.
Intel Quad 6600, Asus P5N-E SLI, GeForce GTX 560 1GB, 6GB RAM, 500GB HDD, Zalman 9700NT, X-Fi Xtreme Gamer, 650 watt PSU