Looking at side-by-sides of the PS3 vs 360 the AA looked a little smoother in the PS3 version. I hate jaggies so I went with that one.
So far my wife and I are both really enjoying it. It's not our type of game and it's not our type of theme, but we're loving it. It's one of those things where we can't put our finger on it. In most games there are awesome fun bits and mediocre bits. In GTA IV it seems that there are fun bits and holy-sh*t fun bits. We love games with strong narrative elements so that's one of the bigger parts to us. The characters are very lush, if cliché. We like interacting and getting the backstory fleshed out to us as we go through a variety of means. Niko opens up to different people for different reasons and at a very graduated pace.
Another huge issue is the level of polish and detail put into the world. Everything is satirizing something about our real world and it's just great. Sometimes I sit idling in my car once I get to my location just to listen to the rest of some junk on the radio.
I'm pretty horrified that kids at my school as young as 6 are playing this though. I'm so glad there are games like this that take advantage of the mature sensibilities of adults and aim things at them. I'm not nearly as conservative about what children should be shown as most. I think generally you shouldn't try to hide the realities of the world from them. Stuff like cussing happens. Pretending it doesn't and covering their ears is BS. However, this game is just beyond their grasp. They can't possible digest what the game is throwing at them responsibly. They can't understand the satirical nature or the fact that the violence isn't actually glamorized.
Parents need to start parenting. The game is honestly worse than I'd expected for kids. There's little I can do. Parent's aren't going to be that receptive to any input from my wife or me. And these parents that gave an M rated game to their kids will also be the first to blame the game if their kids do something wrong rather than looking back at their own failings as a parent.