You still have to load at some points in the game.

Now you're just making stuff up haha.
The reason for the installation is to reduce load times, because the Blu-Ray format's read speed is incredibly slow compared to DVD. The PS3 copies data to the hard drive, therefore reducing load times but it will still need to load obviously.
I personally don't see any difference in either version. I was playing the PS3 version last night at my friends' after I had a go of the 360 one at mines. Load times are similar, graphics are basically the same, in fact, the only thing added was the SixAxis support which I don't see the point in.
</rant>
Look at any comparitive review...
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