The PS3 version is jaggy, is missing a lot of effects, and has a shit framerate (vsync is on, it's not in the 360 demo). They're not "close" right now IMO.
Side by side comparisons suggest otherwise...
The PS3 verison is not jaggy, it simply isn't as clean as the 360 version. The image quality is still good. The main issue with the PS3 version is that the type of AA it uses actually results in blurrier surfaces (making it seem as if textures are softer).
The effects are pretty much all there with the only differences really being attributed to the way the hardware handles certain effects. All of the post processing and whatnot is in full effect in both versions (motion blur, depth of field, etc).
The ONLY problem with the PS3 port (and it IS a problem) is the fact that the framerate is worse. It's not unplayable by any means, but the 360 version offers a smooth 30 fps while the PS3 version drops regularly. That said, it is entirely possible that this could be addressed in the final version as this demo is based on older code (the original demo was released in December (Japan) on Blu-ray, so it had to have been completed well before that).
People really blow these comparisons out of proportion. The differences we are talking about are SOOO incredibly minor when compared to multiplatform releases from any other generation.
Still, 360 version for me.
I never install, fuck I bought a console to game hassle-free. If I wanted to install I would be a PC gamer.
You really think it's a hassle? It could not possibly be easier. It's simply a matter of waiting a bit. Are you that impatient that you would rather compromise your experience than wait a few extra minutes before starting?