The 360 has better graphics and there is a simple reason why.
Developers ignore the potential of the ps3.
All multi-plat games are lovingly developed on the 360 then ported haphazardly onto the ps3. The ps3 suffers due to the limitations of the adbox.
The ps3 is the bastard child of this console generation.
That's not true. Several multiplatform companies make the PS3 the lead platform and regardless, most have learned how to utilize its architecture to at least squeeze out equivalent performance out of the PS3. For examples of multiplatform games this year that are just as well done or even more well done on the PS3, there is AC: Revelations, Battlefield 3, Portal 2, Saints Row 3, Deus Ex: Human Revolution, Dark Souls, anything EA-developed (not EA published, EA developed as in anything by EA's own in-house development teams; this includes Need for Speed), etc. Bethesda are an abnormality. This is an otherwise very good time to be a PS3 owner as the PS3 has now nearly caught up to 360 sales, yet has a significantly higher sale rate and is gaining more and more support. Does the PS3 suffer from ports? Yes, yes it does just as any platform may, but we're getting treated pretty well, now, and the PS3 is most certainly not in a worldwide position of inferiority in terms of support, anymore. Bethesda... just don't seem to understand proper Q & A and that only compounds the reality that they're twisted around Microsoft's finger more than most multiplatform companies, never were the best programmers, and don't seem to have all that much interest or knowledge of the PS3's architecture in designing their games in the first place.
The PS3 may have started off as the bastard child of this console generation, but it's not like that any longer. SDK tools have been vastly improved, the PS3 has become more familiar, and Sony still retained their first-person development teams (although, while I do respect them, the lack of RPGs from them make me interested in few of their games with perhaps a small interest in Naughty Dog's Uncharted series... but I hate how short they are) and, to some degree, the favor of some great Japanese companies (can't wait for the PS3-exclusive Ni No Kuni: Wrath of the White Witch this upcoming year as well as Final Fantasy Versus XIII. In addition, Sony have a clear advantage with XIII-2, if XIII-2 has the same technical specs as its, in my opinion, pretty poor, overly linear predecessor, although hopefully they've learned for XIII-2, they have the Last Guardian coming up and, for those that actually care, there is Tales of Grace F which is confirmed for an early 2012 NA release date). The 360 does not have control over this generation like the PS2 did last generation and is, in fact, proving to be the inferior platform, at this stage in the game, with the exception of a game like Skyrim and the crappy, lazy, annual Call of Duty iteration and the few second-party exclusives Microsoft has going for it which I don't really care for either (as I said... give me RPGs... Halo and Gears of War are not RPGs... and Bungie and Epic will probably take the initiative of programming for future Sony platforms as they are not tied to Microsoft, being second-party companies).
This is a good time to be a PS3 player and don't let anyone tell you otherwise. We're the apex of the PS3's value. If only North America would take more notice... but the 360 is just dead in Japan and the PS3's more a platform of choice in Europe and growing. I sense some nationalistic pride affecting sales here (U.S. goes for American console, Japan goes for Japanese console, Europe, free of any national console, go with a more even split, but an advantage for the evidently better platform of the two). Microsoft wants you to believe the 360 is the greatest thing since sliced bread just as much as Sony want you to believe the PS3 is, but free of corporate jargon and propaganda, the PS3 truly is emerging as the superior of the two platforms in even company support. Bethesda are just kind of tied to Microsoft, both being American, like Square Enix is to Sony. Then there's Level-5, whose relationship with Microsoft is so poor that I don't expect them to develop for another Microsoft platform any time soon (and so we're lucky enough to get their PS3-exclusive JRPG Ni No Kuni: Wrath of the White Witch - beautiful, traditional, cel-shaded JRPG with an overworld map, great characters, Studio Ghibli powering all the animation and creating the beautiful music, and a smooth 60 fps performance... now that's the kind of PlayStation JRPG I've been waiting this entire, disappointing, slow to pick-up console generation for). The PS3 has first-party support Microsoft just can't compete with, second-party support that the 360 can't compete with (if you're an RPG fan such as myself, that is), and third-party support that's pretty equal between the two platforms right now with a few give-and-takes for both sides, yet a generally level playing field.