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In Japan, PlayStation 2 Ends a 12-Year Run
The PlayStation 3 may have overshadowed it technically, but the PlayStation 2 has seniority. Now, the PS2 is being retired in Japan after nearly 13 years. That doesn't mean the games have stopped: "To this day, developers have continued to release games on the platform due to its enduring popularity, with the last title in Japan, Final Fantasy XI: Seekers of Adoulin, due out in March this year."
I remember the excitement in the company when the first PS2 devkit arrived and were placed in a locked room. Only a few top engineers in the company had access to the room. People would come and stare through the glass at the devkit demos running on the screens and standing around chatting with the guys working on the PS2 hardware. And I remember the engineers holding mini seminars in one of the conference rooms diagramming out the amazing PS2 hardware architecture and how engines will be written for the hardware.
Sony did an absolutely amazing job with the PS2 hardware design. It was a system that much resembles some finely tuned race car that has had every single bit of wasted weight trimmed from it and setup so the driver can do one single thing, drive fast. Looking back at the PS2 code for our games it is wonderful to look at just how small and straightforward the PS2 engine code is. Pack as much data into DMA packets down to the point where not a single bit is wasted. None of the wasteful lines and lines of setup code one has to go through when writing engines for a desktop PC(or a desktop PC in console case like the Xbox).
It is no surprise Sony was able to keep the PS2 hardware viable for almost 13 years. Unmatched console hardware design and manufacturing prowess mixed with the best developer support and tools.
And Sony treats developers better than anyone else. They've always had the mindset of tell us what you need and well make it happen. Nintendo has always been too focused on their own first party titles and have always had an underlying attitude of 'we don't really need anyone but ourselves'. And Microsoft...I don't know where to being with how bad they are with supporting developers. The fact that they managed to piss off their sole important first party developer Bungie so much that they forced Microsoft to let them leave the company is a good an indication as any of just how bad Microsoft is with supporting developers.
Eurogamer do some excellent "Digital Foundry" articles comparing PS3 and 360 versions of games (and where appropriate, PC and Wii-U versions as well). Let me find some links for you.
Far Cry 3
Need for Speed: Most Wanted
Mass Effect 3
Darksiders 2
There are lots more if you want to look.
tl;dr version - in most cases, the graphical and performance differences between PS3 and 360 "top end" games are so miniscule that you need detailed frame-by-frame comparisons to spot them. Broadly speaking, what differences do exist show the 360 having an advantage on Unreal-tech games (which is a lot of the big shooters). There are a few games which do swing heavily in favour of one platform or another (eg. Skyrim towards the 360, Final Fantasy XIII towards the PS3), but these are the exception rather than the norm and tend to reflect a developer which is much more comfortable with one set of hardware than the other.
Neither console crushes the other in performance terms in the real world. End of.