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It would surprise me if anyone were to "dominate". However, I think the PS4 has a very good shot at performing well. It just depends on them not making a big mistake on any of the major points. I would give it the best odds at having the best sales rate for the generation.

Microsoft, while I expect them to do well, I don't think the 720 will win much market share outside North America. I'm expecting them to go heavy with a Kinect-like interface and I just don't believe that will catch on all over the world. Also, they really need to make some improvements to Live if they really want it to be THE new media hub for casuals.