Yes, and if anything the PS2 was severely lacking in the specs department compared to PC's as well as the eventual competition. The PS3 was not even close to high end gaming systems back when it came out, cards like the Nvidia 9800 GTX were and still are, miles better then the chip in the PS3 in terms of raw performance capability. Heck, the 9800 GTX is still a viable card to use for some games, though most modern systems you are looking at 100-300 dollar graphics cards to run most games really well.
And it's already been proven that in raw gaming performance, Titan is an absolute ripoff.