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IGN extracted this quote from the BioWare PS3 Podcast "One of the first things you're going to see is improved graphics… We actually created the engine for Mass Effect 3 and used that to make Mass Effect 2 PS3. So we took the content, the story and all of the other assets that made up Mass Effect 2 and we put it into the Mass Effect 3 engine."
Also, as the game will be on Blu-Ray disc for its PS3 release the extra storage capacity means it will not need to be split onto multiple discs as it was with the Xbox 360 release. BioWare say they have finished working on the PS3 version and that it has now “Gone Gold” ahead of its January 18 PS3 release.
BioWare also announced that there will be no extra wait for the PS3 version of Mass Effect 3, and that the PS3, PC, and Xbox 360 versions will all be released simultaneously, some time towards the end of next year.