Spec comparison from ign, PS3 first, then Xbox 360 for each component!

Processor 3.2GHz Cell w/ 7 SPEs 2.0 TFLOPS
3.2GHz G5 w/ 3 Cores 1.0 TFLOPS

Memory 256MB XDR @ 3.2GHz 256MB GDDR3 @ 700MHz
512MB GDDR3 @ 700MHz 10MB Embedded DRAM

GPU 550MHz NVIDIA
500MHz ATi

Best Display 1080p Standard Dual Screen Output
1080i Optional Single Screen Output

Network 1000BASE-T Ethernet Wi-Fi 802.11 b/g
100BASE-TX Ethernet Wi-Fi 802.11 a/b/g

Audio 5.1 Digital
5.1 Digital

Wireless Input x7 on Bluetooth 2.0
x4 on 2.4GHz RF

Storage Removable HDD *TBA
Removable HDD 20GB

Release Spring 2006
November 2005

Dimensions About 13.5″ x 3.25″
About 10.25″ x 2.5″