Has Xbox 360 squelched the Playstation 3's strengths and advantages?

On paper the Playstation 3 looked mighty impressive when compared to the Xbox 360 originally at E3 2005. It seemed that the true next generation would not start until Sony said so. Or would it? Does Xbox 360 really have more horsepower? (This article is not a fanboy rant but simply a means to hold Sony accountable for their promises.)

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