If I have read it once, I have read it a thousand times, “The Xbox 360 is just ATI’s next generation (fill in favorite code name here) GPU.” The simple answer to that is, “No it is not.” While most modern GPUs share many architectural similarities, Bob Feldstein and Chris Evenden of ATI went out of their way to explain to me, no matter how hard I tried to convince them otherwise, that the Xbox 360 GPU is very much an original creation. While some will try to tell you that is it simply a souped up DirectX 9 GPU, you might be interested to learn that the only API spec that the Xbox 360 hardware meets is its own API. That is correct, the Xbox 360 GPU only meets it own Xbox 360 API specifications.
ATI's Xbox 360 GPU details

HardOCP has a detailed article about ATI's Xbox 360 GPU which appears to be a bit different to normal PC graphics cards: