Whereas the PS3 has 256 meg of system memory and 256 meg of graphics memory it communicates through what is effectively a PCI express bus. It uses GDDR3 fast memory, it's essentially a PC graphics design bolted on to a Cell processor and 256 meg of fast system memory...
http://xbox360.qj.net/2005/12/atis-richard-huddy-talks-xbox-360-and.html