The existing tools are more than enough for competent developers. Various PS3 exclusives are already way more impressive than any of the 360 exclusives (despite being on the market much longer and more similarity with legacy solutions / common tools) and things will only improve as times go on.
Even some multi-platform developers acknowledged that PS3 development practices are well superior to anything Microsoft recommends. Sure if you are a Direct X Windows programmer the 360 is easier to develop for, but that counts for porting to any non-Microsoft platform.
Various developers have said the PS3 is not hard to develop for at all, in fact in comparison to developing for the PS2 it's easy, they say.
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