I agree with what a lot of people have already said, the high price point and the one year gap between the launch of the 360 and the launch of the PS3.
the biggest loss was GTA4. when that went multiplaform so did most of the important other franchises. a lot of people say MGS4 was still exclusive, yeah sure that was a great exclusive, but it dosent move consoles quite like a GTA.
but i suppose they learn from their mistakes and i'm looking forward to the Vita here in Europe. with a lot more games avaliable much more quickly! unlike the PS3 where we were waiting years for the most important Playstation titles, FF13, GT5, TLG, even God of War 3, had that been out sooner, or even a launch title it would've been very important.
there was no games that could quite match the launch power of something like Mario or Halo, so that was another problem. a problem that wont happen again with names like Uncharted or Killzone launching the PS4.