So a new God of War III trailer just dropped, and I have to say it's making me excited about the PS3 as a long-term platform.  This and Killzone 2 show that the console has depth, and although there might not be the wealth of games for it like there is for the 360, the PS3 might be the strongest play for the future.  The last I heard developers are still working to get the most out of the PS3's cell processor, so if this is only using a fraction of its power I'll be very excited to see what we get in a year or two.

Just to clarify I'm not positive if this is cinematic footage or actual in-game, but to be honest I suspect it's at least a mix of both.  Based on what I've seen from games like Killzone 2 and Heavy Rain, what we see in this trailer is totally achievable in-game.  Enjoy: