Whatever issues PS3 may have, I doubt a lack of FP power will be one of them. It could be a fraction of a teraflop and still have enormous power (imagine 500 gigaflops, like that's NOT fast??). Some more significant issues:
- good compilers/developer tools (although unfriendly hardware hasn't hurt PS2 at all)
- image quality (good AA is needed, especially at HDTV resolution)
- vertex lighting, or realistic lighting? (cg quality?)
- profficiency at running shaders
- ability to texture (displacement maps, procedural noise)
- better animation/physics/collision (a software issue, the resources for it are there)
PS3 can't just offer PS2 games with 1000x more polygons, an overall increase in realism is needed.
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Your right Josiah, It can't be a PS2 where the main difference was just pure polygon power.
However, I am sure that Sony has learned their mistakes(PSP is showing this) and PS3 will be chock full of features and not just the ability to push a billion polygons around.
On the Shader(effects) side of things Sony's GPU will have it's own APU's, meaning that developers can just program their own effects in(think per pixel lighting) without them having to be stuck with what's locked in hardware.
Kutaragi has also said that there will be developers libraries, and a API for ps3; I am certain that there was no graphics API for ps2.