Actually, it's hard to determine. With the PC, we pretty much know the ins and outs because the architecture is fairly the same. In the 360 the architecture is different and they are still trying to eek out every bit of performance. The 360 is capable of pushing out MUCH higher resolutions however it is capped by what tv's are capable of and thus, don't offer higher resolutions but it does have the power for it. When comparing the cards you can no longer fairly compare the GPU and other normal comparisons because t here is a different technology and architecture going on with the 360 that will take a long time to completely take advantage of. The PS3 is the same way. Although I am no fan of Sony, there is alot of power still to be unlocked there and the potential of both consoles are still yet to be known.
Also the Oblivion comparison is moot. The reason is because there is an update via the expansion and probably also over xbox live that updates the graphics to what you see on high end AND the PS3. So, even now the graphic card and its architecture is pushing the envelope. It takes a long time each console to completely utilize the power and will take even longer this time because of radical architecture. In other words, you can NOT yet determine this. I do, however see a PS3 problem and that is in it's bandwidth. Great idea, but that bandwidth isn't there to support it and that is a true shame.