The PS3 version has great anti-aliasing, practically no screen tearing, great textures for the most part, and a good draw distance. By comparison it also has a much better framerate than both Fallout 3 and Oblivion.
Overall it's a big step up from Fallout 3 in terms of the PS3 port.
Considering the PS3 hardware ( or the 360's for that matter ) does not have or support antialiasing, that's quite a feat. The PS3 uses tricks by blurring the edges. Kind of a poor man's version of FXAA.
I was going to get it for PS3, but then I remembered the cluster[censored]s that were Fallout 3 and especially Fallout: New Vegas and decided no way. I got tired of risking damage to my PS3 having to manually reboot it every 30 minutes to an hour due to New Vegas constantly freezing up.
And I passed on the 360 version because, well, all my 360 does is sit and gather dust because all the games look and play better on the PS3 and PC and there aren't any 360-only games worth hooking it back up.
I'll get the PS3 version when the patched up GOTY is released with all the DLC included on the disk. Until then, I'll stick to playing on my PC.