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At the end of the day it doesn't matter what the machines are capable of, it's what the developers can do with them and right now there are no signs to say there is a staggering difference between the 306 and PS3.
For example, Microsoft has publicly said that the Xbox 360 could do 9 billion dot product operations per second. Is this true? More importantly, is it good enough? For Sony, Microsoft's arch-rival in the game console market with its Playstation series, has replied by announcing that their upcoming PlayStation 3 will be capable of 51 billion dot product operations per second. Now that is surely a staggering difference! Is Microsoft planning to place such an underpowered little toy as a rival to its greatest nemesis?