Overclocking means making your device take in more electricity in order to function beyond its shipping capablility.
If you were to OC the ps3 and unlock the cell I believe you'll be able to get 60fps+ and/or 1080p graphics.
You can overclock the xbox becuase it will red ring.
To start off next-gen Sony should release an overclock device to unlock the ps3 and to fully optimize the games.
Imagine Uncharted 3 in 1080p