Running the Xenos at 100% all the time is pretty nice and sounds great at first, but think of it this way. If every game is able to use 100% of the hardware every time, theres no growth for better visuals. With PS2 and Xbox, we saw bleh visuals at first, but then it got better and BETTER and by the time PS3 and Xbox360 came out, we have some amazing looking games compared to back then.
PS3 does have the more powerful graphics chip, it's not unified architechture like Xbox's but think of it this way. When 2-5 years down the line, we WILL see better graphics on PS3. But as I have to keep repeating in every next-gen thread, it will all be about the games and we know Sony is no slouch at delivering. Xbox will finally have to prove themselves on equal ground this time.