The GPUs on the Xbox 360 and PS3 are roughly equivalent, with the Xbox 360 arguably having a slight edge. The difference in CPU power, however, is far greater with the PS3 enjoying the advantage. The PS3's eight parallel CPUs (one primary "PPU" and seven Cell processors) give it potentially far more computing power than the three parallel CPUs in the Xbox 360. Just about any tech programmer will tell you that the PS3's CPUs are significantly more powerful.
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