Yes Owen the PS3 should be able to do that. Traditionally consoles enter the market more powerful than their PC counterparts and then fall behind PC’s after 18 to 24 months.
The largest issue is with the display. In the consoles case that being whatever TV, with whatever connection you have, and unless it’s a HDTV it’s probably going to be running at 640×480 resolution. The way around that of course is a VGA connection to a VGA monitor.
As for the screen shot itself, it appears to have been pulled out of the frame buffer of a development box as is the usual with marketing shots like this. As such even with a high end rig, a persons visual mileage will vary.