But, more power comming into the unit means powerful graphics, AI, and that fancy jazz corecto?
Uhh, the short answer is no. There isn' t a direct correllation with watts to performance, generally the more watts you have in relation to a time periode you have better performance however some electronics are more energy efficient. Hence the reason in the computer industry they always talk about performance per watt.
We don' t know how the PS3 and 360 compare in terms of performance per watt, so we cannot make the presumption that the PS3 is more powerful because it uses more electricity.
Another thing is that they both have completely different architecture, so even if you could understand the performance per watt (which they cannot be compared to eachother) the machines will treat data differently so its impossible to know which performs better based on how energy efficient and energy consuption.
To illustrate my point, take a look at AM2 and Core 2 Duo, the intel chips perform better yet operate at a much lower wattage.
If you want another example, my new computer has a 450 watt power supply and probably uses 350 watts when gaming. Yet the 360 shitts all over my computer with games like Gears of War and Mass Effect. So more Watts does not mean more performance. I haven' t even mentioned other non related things like the HDD,disc reader,fans that eat up power without really affecting performance.