Yes sony has said so, and I believe superficially it can, as in most people will be fooled into thinking that "omg this looks just like the ps3 version".
What's going on on the background, will be a major difference between what a ps3 and x360 can really do obviously. It's entirely possible to build a handheld with ps3/360 like specs, but not only would it cost ~2000+, it would also need a small nuclear reactor to not die within 5 minutes.