Call of duty is still the juggernaut when it comes to fps sales.
It however did slip with the generation-transition (also cod ghosts is crap)

Destiny is the big new IP with 500! Yes 500 MILLION dollars budget, a large amount of that will be marketing.

New call of duty could POSSIBLY suffer from franchise fatigue. With Destiny, new IP, it has ~2 months advantage, and Activision seemed to put more behind Destiny this E3 than Cod.

Infact, beyond the gameplay vid of Microsofts presser, AW wasn't mentioned too much out of typical previews. While it looked nice, I don't think it really majorly wow'ed anyone (especially here on vgc and neogaf)

Despite that, lots of people will buy cod for the sake of it being cod. Activision are clearly pushing destiny to be the next big cod-like sales game. 

I think with sony's strong push, and a lack of a real PS4 must have exclusive this holiday, and that september is relatively quiet for games and new releases, destiny could probably dent cod, I dont think it will outsell in 2014, but it may pick up steam into 2015.

I still think not just cause its a new IP and most of the time, new IPs dont sell as well as the old ones

No, COD is COD.

It's a new gen and still early, and games with a ton of marketing behind it (ala watchdogs) can produce some massive results (ala 2-3 million on next gen)

I really hope it does, since it does so much more different.

I don't think Sony can produce that many bundles.

The reason they haven't been pushing COD as much as Destiny is that everyone knows about COD, it's been coming out every year for like 8 years straight (probably more, but I don't bother to check it, as it doesn't matter). so COD doesn't need as big of a marketing push as Destiny. However, I think Destiny might actually get a bonus from being a new franchise, because it's made by Bungie, and a lot of Sony fans have been waiting for a game made by Bungie that is availible on PS, while at the same time Bungie has a large fanbase from Xbox fans.

Conclusion: They will be close, I don't know who will be on top though.

Judging by the alpha destiny will do extremely well based on both hype and good word of mouth. Also GTA did so in the same timeframe last year but for a new IP I think it'll be closer

The fish will still dominate

As much as I don't care for Destiny I do hope it does better than COD...but at the same time I would hate for Destiny to become a yearly series.