The Inquirer talked with lots of developers at the E3 show and they heard extreme dissatisfaction over the performance shown by both the Sony PS3 and the Xbox 360 consoles.
The PS3 is still in prototype stage they say, and the performance isn't there yet in many cases:
One of the reasons offered to us is the actual hardware installed in the console. Since this generation was all about pricing instead of technology, those savings are the reason why Crysis and many more titles will remain PC exclusives, since consoles don't have the horsepower. Developers have voiced out their disappointment in not being able to do what they've planned to do.
One reason for failing to deliver the performance promises on both sides is the fact that both Microsoft and Sony products utilize 128-bit memory interfaces for the GPU, which cuts available bandwidth to half of that available on high-end products from the PC world.
Instead of a memory bandwidth of 44.8 GB/s, the Xbox 360 features only half of the number and, in practice, the Xenos GPU is working on levels of graphics cards somewhere around the year before the last one.
In the end, it could be that Nintendo will be the one to beat both or at least the PS3. For the price of Sony's PlayStation 3 you will be able to get a complete Nintendo Wii console along with three games and a couple of accessories!
IMO this situation is pretty funny. I still remember that about a year ago Sony's and Microsoft's marketing machines were spitting out lots of bullshit that these consoles were going to be a lot better than PCs etc. But now it appears that they don't even have enough horsepower to run some of today's titles like Crysis!