From gamespot.com:
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A solid year's gone by since we ran our last Xbox 360 vs. PlayStation 3 graphics comparison. The differences between the Xbox 360 and the PlayStation 3 have diminished with every passing batch of games, but some variation still exists between the two machines. Our first graphics comparison between the two consoles showed that the Xbox 360 looked better on most of the games, oftentimes drastically so. The second graphics comparison showed that the PlayStation 3 looked nearly as good as the Xbox 360 in some games, and actually looked better in a few as well. Now with both consoles well into their respective life cycles, developers have had plenty of time to figure out the nuances required to code beautiful games. With our third batch of games[Assassin's Creed, Orange Box, GTA 4, COD 4, Burnout Paradise, Rainbow Six Vegas 2, NFS Pro Street, Madden 08], the two machines seem evenly matched. The two trade blows on various games, each with its own set of advantages.

Conclusion
After going through another eight games, we've found a few trends that follow both of these consoles around. Outside of Rainbow Six Vegas 2, our findings didn't show any drastic differences in image quality between the two consoles--nothing compared to what we found when we compared first-generation games in our original comparison feature. The PlayStation 3 generally lags behind the Xbox 360 in high-quality textures and the depth/normal maps that go with them. However, in the same games, the PlayStation 3 sometimes comes ahead with better shadowing and antialiasing. Games on the PS3 do tend to be blurrier than their Xbox 360 counterparts, but the PlayStation 3 games can look just as good as the Xbox 360 games when developers put some effort into it, as is evident with both Grand Theft Auto IV and Burnout Paradise. Overall, the PlayStation 3 outputs visuals that are either on par with the Xbox 360 or only slightly behind.
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Full Story: gamespot.com (8 pages)

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