It would be incorrect to say the PS3 does not have adequate processing power. It does not use memory the same way a PC does, so does not need as much. So saying these things would be a sign of not understanding the archetecture if a programmer made that excuse. The guys at a company like Naught Dog would be on the floor laughing if another developer said these things. The cell processor's stregnth is how many things it can process simultaneously. But it requires doing thecoding differently with the software to take advantage of that. The best PS3 games out there expolit this to great effect, and they run very smooth when made by programmers that understand the architecture.
I wasn't trying to be technically serious. I was just poking Bethesda.
I think they're in a pickle here. They obviously have created a problem that is tough to fix. They've admitted to some magazines behind the scenes that it does have to do largely with the save file technology, but at the same time, they are running out of processor resources during normal game play. Like you suggest, it's all related to trying to create a single tree of source to run on all machines. They clearly have fallen short of this goal being a reality. And clearly after reading PC and XBOX experiences, many of the terminal problems exist on all branches of the source code for all platforms.
The first stage is understanding the problem. The second stage is possessing the brilliance to create elegant solutions to correct those problems. Brilliance lies in the resolution, and I'm yet to see a single indication of this ability.