chazz, " The PS3 released with a outdated gpu."
This is absolutely not true. And neither was it the case for Xbox360.
The GPU in the PS3 was GeForce 7950GT with half the memory bandwidth of the desktop version. At the time of release, this was previous high-end (not highest end 7900GTX) card from NV. 8800GTX came within days around PS3 launch, but it cost $600+. The GPU in PS3 then was a 24 pixel, 8 vertex shader 550mhz 7950GT, which even after 8800GTX launch was more or less mid-range in the NV lineup. It wasn't until 8800GTS 320mb/640mb cards came out that 7950GT series was no longer mid-range. But 8800GTS 320 was $300+ while 8800GTS 640mb was $400!
On the Xbox360 side, the GPU was an R500 unified shader architecture. It wasn't based on X1800XT or X1900XTX. However, it's reasonable to estimate its performance around that of X1900XT card. When Xbox360 came out, such performance was actually at the VERY TOP of the Radeon foodchain in November of 2005 because it wasn't until January of 2006 that X1900 series launched.
Based on these estimates then, the GPU in the Xbox360 was very much top-of-the line in November of 2005 vs. the best GPUs on the PC at the time. The GPU in PS3 was also not obsolete by any means (although obviously it was no longer the fastest). However, keep in mind that 8800GTX was the greatest performance leap in GPU history outside of Radeon 9700Pro. So it was completely not feasible to imagine that PS3 would be able to have an 8800 series GPU in November of 2006.
What is more telling is the price of those respective GPUs.
For Microsoft, Xbox360's GPU at the time cost them $141.
http://www.xbitlabs.com/news/multimedia/display/20051123214405.html
For Sony, the RSX NV GPU cost them also around $140:
http://www.zdnet.com/news/playstation-3-component-prices-why-so-high/146935
It is true that the BluRay Drive in the PS3 was the most expensive component. The Cell processor was also extremely expensive.
However, keep in mind that HD6670 is only about $60-70 in retail today:
http://www.newegg.com/Product/Product.aspx?Item=N82E16814150542
That means by Fall of 2013, MS could probably manufacture such GPU for just $30-40 in-house.
In fact, AMD already makes this GPU in the form of embedded E6760:
http://www.anandtech.com/show/4307/amd-launches-radeon-e6760
Its compact design, cheap manufacturing cost, only 35W power consumption are all reasons why MS may have decided to go wit this HD6670 GPU.
Unfortunately, it will be far too weak when it launches in Fall of 2013, and a far cry from the strategy Sony and MS utilized in the last round of consoles.
If this is true, right out of the gate, the next Xbox will have an obsolete GPU. The same could NOT have been said of Xbox360 or of the PS3. This is probably why both the PS3 and Xbox360 lasted 6+ years.
An equivalent mid-range GPU by Fall of 2013 would likely be HD6950/6970/HD7870, etc.