Yes it is... Maybe... No, I'll wait for GT5 before making final judgment, but as it stands now,  Xbox 360 seems like much better gaming console. 
I can't understand why the PS3 can't upscale the picture on (some of ?) the games to 1080P, instead of leaving that task for TV. Xbox does this and it works better. Also playstation has nasty habit of switching the sound out put signal from digital stereo to Dolby now and then (like when leaving a game and entering the ps3 desktop screen).