This is the sales story behind the PS3 and Xbox360. By the way this is my story of things.
When the PS3 was launched in November 2006, Xbox360 already had a 5.33 Millions units sales. But Xbox360 was still selling very good and build a lead of 7.10 Millions units by November 2007. PS3 had sold 5.63 Millions PS3 and Xbox360 had sold 12.73 Millions units.
So Sony had no choice but to do a price drop and in November 2007 the PS3 was available at $400. PS3 sales was doing good and by September 2008 Xbox360 lead was cut to 5.7 Millions units with a Total of PS3 14.75 Million units sold, and 20.45 Millions Xbox360 units.
So Microsoft immediately put a $200 Xbox available on the market. The results: before the launch of the PS3 slim on september 1st, Xbox360 lead over PS3 got back up to 8.19 Millions with 23.44 Millions PS3 units sold and 31.63 Millions Xbox360 units sold.
Today with only 2 months and about 2 weeks after the slim launch, the lead was cut to 7.12 Millions units.
PS3 still has a lot of major games coming that will sure have a big impact on hardware sales : FF XIII, GT5, God of War 3.
XBox360 has Grand Theft Auto Episodes from liberty City and Forza 3. If those games don't push hardware and PS3 keep closing the gap, will we see the XBox Elite drop to $200