Butta says a lot of things.
If you look at the raw numbers, there is no way in hell it can compete in terms of pure theoretical rendering power.
Now, of-course, due to the fact that console games are much more optimized than PC games, games could in some aspects look on par or better (something is impossible, like texture quality etc). Mostly because as a developer you allways find small "hacks" and work arounds to make something look better than it really is.
For example, with Killzone 2 (lets disregard the crazy AA etc), you can get the game to look close to the trailer in a lot of aspects, even tho on a strickly technical level you could never match it:
The characters are close to 1 million (or more?) poly's each in the trailer. There is no way in hell for the PS3 to actually render a game like that at a smooth framerate. However, thanks to amongst other things, shaders, you can make stuff look close, with only say 20k polygons per character. (this is a pretty bad example, but im bad at examples) .
As far as the 7900GX2 is concerned, in terms of rendering power, again the Cell+RSX combo cannot compete. The raw numbers are clear. (maybe except for vector shaders, where i can guess the Cell can help out a lot, due to the fact that G70 isnt very hot on vector math anyway).
But again, what one has to consider is that these PC GPU's are underutilized, nobody is going to make a game exactly tailored for a 7900GX2 rig, and because of that, the consoles can on some level, compete.