Pretty darn debatable at this point. A year ago maybe, but stuff like Crysis 2 and Bulletstorm looks as good as any game out there. "Thoroughly" is a total misnomer. Games like Reach, Gears 3, Brink, Rage, also look really hot. Anyways, the best titles on PS3 dont prove anything regarding this topic, because the SPU's could be used to get them there. In other words I suspect while a GTX470 may be 10% faster on PC games, if they were both in consoles the 5870 would likely trounce it, all at 50% fewer transistor.
1.25 the transistor budget means nothing. Current Nvidia desktop GPU's are 1.5 the transistors of ATI, for something like 10% more performance (GTX480 vs HD5870). At least in gaming, it's not hard to believe at all that ATI are much better engineers than Nvidia. If you dont believe that, ask yourself who you want in PS4 ATI or Nvidia? The way Nvidia is burning up transistors chasing GPGPU, I dont think your answer is the latter. Considering ATI is currently getting 2.72 teraflops out of 2 billion transistors, while Nvidia is getting 1.35 teraflops out of 3 billion. Of course flops dont tell the whole story, but they do tell an important part of it, and I have a feeling those ATI flops would be harnessed a lot better in a console where the software is tailored to the hardware, than they currently are on PC where it's vice versa. In other words where GTX470 is currently 10% faster in PC games, I suspect HD5870 would trounce it if they were in competing consoles, all at 50% fewer transistors.