No, all 360 games are required to render at 1280x720 with 2xFSAA (granted there is a rumor going around saying that PGR3 is rendered at 1024x600 and then upsampled in order to maintain 30fps). And because the 360 tries to push shader usage (which some types of shaders require very little CPU intervention, and are also the ones used most heavily), this results in a bottleneck in the graphics subsystem. If the PGR3 rumor has any shred of truth in it, then we know for a fact that we've already reached the limit of the 360's graphics capabilities, since we all know that increasing the resolution places the majority of pressure on the graphics subsystem. And since PGR3 is attempting PR, rather than NPR ((N)PR = (Non-)Photo Realistic), we know that the CPU isn't limiting but also can't help much in the rendering pipeline (360's CPU does about 20-40GFLOPS, and the GPU does about 140GFLOPS...of course, I don't remember any of this and I just pulled out my calculator on some approximations...so don't quote me on it).
On the other hand, the PS3 won't be much better off either, since the G70 GPU has performance around the same ballpark as the 360's GPU (might be better or worse, I don't know...but not too different, that's for sure).