Consider this:

The Xbox 360 came out in late 2005. The PS3 came out in late 2006, a year later. However, the developers behind Xbox 360 exclusive Gears of War 2 said back in 2008 that they were hitting the ceiling as far as what the 360 can do. That means that in three years, developers were already frustrated with the graphical limitations of the Xbox 360.
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One of biggest games coming out for the PS3 is Rachet & Clank Future: A Crack in Time. Already getting rave reviews from critics, this futuristic platformer blends frenetic gameplay with a clean and truly impressive graphical flair. Insomniac Games, the developer behind the Rachet & Clank series said today that they feel it will take another two to three years before developers start reaching the maximum potential of the Playstation 3.

 "There's always ways we can become more efficient. The PlayStation platforms are built with a very high ceiling and I think that's part of the success Sony has had in creating these platforms with really long life spans," said James Stevenson, senior community manager at Insomniac. 
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"The first couple of years are all about developers getting games up and working. You see what Naughty Dog has had the chance to do in the past two years. You've seen what we've been able to do in that time. This is where it gets exciting.

"The PS3 still feels like a young system and I feel like it's finally hitting its prime. You've got the Slim, it's at a good price point now and sales are really picking up. 


"I still think you're not going to see the PS3 really maxed out for another two to three years. We're using all of the PS3 right now, but you can always be more efficient in the way you use it." (Source)