There are two guesses that can be made as to why they did what they did.
It's looking like SF4 has very little vertex load, meaning the 360's unified shaders will be mostly working as pixel shaders. RSX can't do this, so it will have a hard time keeping pace. This may be why they had to use slightly stripped down pixel shaders on the PS3 version, such as yanking specular from that waterfall. Or perhaps the PS3's shaders are the original ones, and they added more to the 360s pixel shaders since in this case xenos would have lots of pixel grunt.
Regarding the lower resolution, maybe they did that to deal with overdraw. Normally we render transparent stuff in 1/4 or 1/16 buffers on PS3 to deal with it's lack of edram. In this case though that might not have been possible, because the large transparencies in this game linger on screen and need to maintain their detail. Rendering the transparent pass into a reduced buffer kills details, so they may have instead opted to stick with a full size transparency pass and drop down the main resolution to compensate, to maintain 60fps in those zoom in shots where the transparencies could become a huge overdraw burden.
Just a guess though...
Wait there i thought Capcom said RSX had faster pixel shaders? This smells to me like a not-so-optimised 7900GS engine.
PS3 has a lot of CPU to GPU bandwidth to free up RSX bandwidth as per GG on KZ2.