This implies that all console games run at 60fps. Games like GTA run at 25-30fps and thats on a sub 720p resolution on the PS3.
And several games drop even lower. Oblivion on the 360 is one of the worst offenders, and I was just playing Operation Anchorage last night on PS3, and the framerate was about 5fps (at best) for me at the start of the second quest.