Mass Effect 3 is landing on the PlayStation 3 a year after the 360 and PC versions. So does it look better? The short answer is "no". The long answer is "it's complicated".
The technical specialists at Digital Foundry have sat down with the Xbox 360 and PS3 versions of the game (now that there's a demo on the PS3) and found that while the PlayStation 3 version is using the same engine as the upcoming Mass Effect 3, that doesn't translate into a universally superior performance on Sony's console.
Why? Thank/blame the Unreal Engine 3, which the game was built on, which has always run better on Microsoft's console. While some things, like shadows and the game's resolution, look better on the PS3, other things - like normal-mapping, anti-aliasing and effects - are downgraded.
This inconsistency continues through to the game's performance. While the PS3 version is locked at 30 frames per second, meaning in busier scenes things run smoother than they do on Xbox 360, there is also a lot more "screen tearing" apparent.
If you don't own a PS3, this won't matter. Likewise, if you only own a PS3, again, this won't matter! The game is wonderful, and these are minor quibbles. But if you own both, and are such a big Mass Effect 2 fan that you were swayed by the prospect of a wholly superior version, you may want to hold off. Or wait until you can see it with your own eyes and determine if it's worth it.
(Or, yes, before anyone chimes in, get the PC version, which looks better than either console edition ever will)
For a full break-down of how the two versions differ, including some handy video comparisons, head over to Digital Foundry.
Mass Effect 2 Demo [Eurogamer]