Ben Kuchera from Ars Technica have been playing Spider-Man 3 on the PlayStation 3 for the past few days getting ready for the review. It's not a pretty game, but he had been able to get past the graphical problems pretty quickly, although the framerate is problematic in very odd places.
What really kills him are the character models during the cutscenes. It's like freakish, plastic mannequins were given life, but their eyeballs have been partially pushed out of their skulls. Don't believe me?