A new IGN preview of The Elder Scrolls IV: Oblivion reveals that the PS3 version of the game has been optimized to take advantage of the Cell processor and hardware that the system offers.
"The PS3 version of Oblivion isn't a simple port of the game either, although players who have picked up the 360 version will be very familiar with the control scheme. For one thing, the PS3 version has been optimized to take advantage of the Cell processor and hardware that the system offers. As a result, the game runs a lot faster than the 360 build. Entering dungeons or buildings results in a load of 3-5 seconds, compared to the 7-10 seconds or longer for the 360 version of the game. Similarly, the amount of framerate drops or hitches that cropped up in the wilderness as you accessed a new area on the 360 have been substantially reduced on the PS3 version. There is a plan to completely eradicate these issues as the game nears release, as well as fixing a number of bugs that were present in the other builds. Kiss the item duplication glitch goodbye.
Visual textures are much sharper in the PS3 version of the game.
The visual presentation of Oblivion has also been significantly enhanced. While it was a beautiful title on the 360, far off environmental details often displayed low resolution textures. This has been fixed with new shaders dedicated to rendering the foreground cleanly with sharper details, so rocky landscapes now have craggy appearances instead of smooth, non-distinct surfaces. While there is still a fair amount of pop-in that occurs (which can't be helped due to the size of the world), the draw distance is farther than the 360 version. As a result, screens from the PS3 version should approach those from high end PCs running Oblivion, which is an impressive feat. We'll have more on Oblivion soon, but for now, check out these new screens."