After looking at this i'd state that both consoles are as good as each other at graphics. What it all boils down to is who the devleoper chooses as the lead console for their game. Will be interesting to see a 2009 edition to this comparison with games like FFXIII, Tekken 6 & possibly MGS4? to see how games ported to the 360 to the original platform.
Spryt's comments