I think one of the reasons why Smash Brothers manages to succeed in pulling together characters from so many universes and different art styles is because it doesn't take itself too seriously. The whole thing is designed to be zany and fun. I'm not saying a Sony Smash Brothers would be impossible, just that the whole tone doesn't quite feel right. Most of the popular Sony franchise characters on that list (e.g. Kratos, Nariko, Drake) and third party entries (Dante, Cloud, Leon) are from very "serious" settings, usually in an attempt to be seen as mature. I'm not sure it would work right to see them throwing baseball bats and green shells and fire flowers at one another. Similarly, if you were to do the reverse with a super "mature" setting, with blood and gore everywhere, how could you fit characters like Ratchet, Crash, or Spyro into the game?
It's also problematic that any "Sony" such list inevitably contains 50% or more third-party characters. You might as well call it "Video Game Smash Brothers" with that approach!
End of 2008 totals: Wii 42m, 360 24m, PS3 18.5m (made Jan. 4, 2008)