Could this possibly be the deal that Sony was talking about that would take the place of GTA IV release exclusivity?
Anyways that is exactly why I don't believe in releasing betas. People are always over critical of betas. They don't have time to polish it up, so they throw in a low res texture, and all of a sudden the graphics aren't impressive? Either way I would never judge my like for games off of a beta because it simply isn't anywhere near complete. The Gears of War beta showing wasn't complete either. Marcus looked totally different, some textures on things were low res, the physics system for blood wasn't exactly polished yet, etc.
Either way I think it is safe to say that console games will always be behind PCs in the graphics area. Epic suggests reducing texture sizes by 2X. ;)

The good thing about consoles though is there is no need for the portability issues which means you can focus on the game making, and not how many systems it will be able to run on.
Oh yeah and the 60 GB PS3 dropped $125 here.
Also UT3 PS3 will get all the special little nick naks that the PC version has, and a little more. It will feature mods with maps, gameplay, and all things UnrealScript, with SIXAXIS support, and all the other little dressings.
Also to be honest I see no reason why you should be over critical on games just because of graphics. I will tell you for certain that if they wanted UT3 to look like GoW they could. There is nothing special done in GoW that can't be done in any other game with the UE3.