Lots of good games still coming for the PS3, but I don't think they'll make much of a difference. The N64 had Ocarina of Time and Super Mario 64, while the Gamecube had Resident Evil 4 and Metroid Prime, but I think we all know how well those turned things around.
In case anyone doesn't remember, those are four of the top 5 highest rated games ever. Ironically the only other game in the top 5 is the Soul Calibur on the Dreamcast, which also didn't do too well.
The more I look at the charts, the more and more convinced I become of the quality of games having absolutely nothing to do with how well a system sells. =/