PS3 Launch titles:

Genji: Days of the Blade
NBA 07
Resistance: Fall of Man
Blazing Angels: Squadrons of WWII
Call of Duty 3
EA Sports Fight Night Round 3
The Elder Scrolls IV Oblivion
F.E.A.R.
Full Auto 2 Battlelines
Madden NFL 07
Marvel Ultimate Alliance
Mobile Suit Gundam: Crossfire
NBA 2K7
NHL 2K7
Untold Legends Dark Kingdom
Ridge Racer 7
Tiger Woods PGA Tour 07
Sonic the Hedgehog
Need for Speed Carbon
Tony Hawk's Project 8
Tom Clancy's Rainbow Six Vegas

21 games. 14 the 360 has, or is getting at the same time as the PS3. 7 that are exclusives.

The PS3 then has a little stack of exclusive games, somewhere in the region of 60, including gems such as MGS4, Lair, GT HD, Warhawk, and not forgetting the 3 FFXIII games from Squenix.

So, no, most of the games aren't already released on the 360. Perhaps 8 or 9 are, with a handful more coming out at the same time. We then see, over the couple of years after the PS3 launch, more and more titles coming out that are exclusive to the PS3.

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I like the idea of the Wii controller, but think that this might soon blow it out of the water: http://uk.gear.ign.com/articles/740/740679p1.html