From what has been released, the PS3 uses a little less than 64MB total of the 512MB combined system memory...that right there is likely the systems greatest hurtle that needs to be overcome. In comparison, the 360 uses 32MB total of the 512MB of system memory. If Sony can free up 20-30 MB, this would put the two systems on roughly the same ground memory wise, leaving the developers to use the systems' CPU's and GPU's to their fullest. From what we've seen, once the developers get a grasp on the PS3's SPEs (which i believe is 6 for the devs, 1 for the OS) we should see some pretty damn good looking games, even better than MGS4, possibly better than Killzone 2 and/or GT5.
But again, Sony needs to lower the PS3's memory footprint and give the devs back some memory.
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