The Source engine is very robust and on PC it scales very well, so even on hardware that didn't exist at its release it should be able to look quite nice. I believe the console versions are both fixed at 720p and 30 frames per second, with the PS3 version looking a little better because it has anti-aliasing that the 360 version doesn't, even with its apparent over-zealous blurring.
Let us know how you get on with Episode 2 when you get there, because that's supposed to be the biggest offender. Of course, that's probably on PS3's without all your sneaky optimisations.
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