When we learned that the PS3 version of The Elder Scrolls IV: Oblivion would not feature the majority of downloadable content found on the Xbox 360 and PC versions of the game, it was a blow to fans of horse armor everywhere. An episode of The 1UP Show (02/02) provides the follow-up hook as 1UP relays a juicy bit of info from Bethesda. As it turns out, it may be due to a memory limitation with the Playstation 3 itself.
1UP says that Bethesda simply could not find a way to load every piece of downloadable content without affecting the performance of the game. Considering that the Xbox 360 can pull off this feat without a hitch, that seems quite odd. Bethesda will still be looking into getting that content available for PS3 users, as addressed by their VP of Marketing, Peter Hines, who also comments on the "rumors" regarding the memory issue in an IGN interview.
As for the PS3 version of Oblivion trumping the 360 in the visuals department, it just so happens that the new shader techniques applied to the PS3 will also be worked into the 360 version of the game. And thus, they are equals once more. Unless you want some horse armor. In which case, you're boned.
Finally, Shacknews sat down with Pete Hines and questioned their plans beyond the PC, PS3 and Xbox 360. When it comes to waggling your remote in Oblivion, "It's not really going to run on a Wii for example, but if it could we would put it there. Our philosophy is to make a game and make it available to as many people as possible."
Read - The 1UP Show, Oblivion Expansion Preview (9:40)
Read - IGN Interview with Pete Hines
Read - Shacknews, Interview with Pete Hines
[Update - We swapped out the Mark Rein quote with the more recent IGN interview to pull the feedback away from gritty, armchair analysis of tech specs and back into the content involved. Cleaned up some wording to not sound so definitive on a complex and unresolved issue. Thanks!]