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I say it depends.

If my estimates are correct, the Wii will end this year around 40m (selling 1m per month, plus another 4-5 for the holidays).

In 2009, it should be between 60-70m, maybe more depending on the increase in production.

Add on about 25-30m more in 2010, and you have the Wii in striking distance of the PS2 after 5 years.

BUT...

Will the Wii last longer than 5 years before the Wii2 hits? That's the rub.

I think the Wii can definately best the PS2 if given a full 7 year run, but I am not convinced that will happen.