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It is, but then it is reasonably safe to assume it may come in 3rd.

the factors you have to look at are as follows:

1) what will happen when ps3 cut their prices?
2) how will the line up of games affect 360 sales (both consoles, and currently, ps3 has a better line up for the future).
3) How will HOME influence gamers?
4) how will the new ps eye products effect casual games and hardcore games?
5) when will 360 release their new console and when will they stop supporting the 360?
6) how long will the price cut effect last?
7) what will EPIC do after their 2 year exclusive deal runs out? they may release Gears of War 1+2 and future Gear of Wars games multiplat.
8) What will Bungie do now that they are independent? They may not have halo, but Bungie Is Halo, and Halo without Bungie is not the same. Just as Rare has never been the same since MS took over. A new Bungie game will be welcome regardless of what name it is under.
9) How Dev's and Ip's will take advantage of the PS3 and what more the console can do over the years. As time passes, we see the PS3 pushed further and further in terms of capabilities whilst the Xbox is stuck more or less where it is.
10) If the 360 will release a BR drive or not.

As a N4g article once said, around 50% of PS2 owners have still not made the next gen leap. That's an estimate of 50-60million users. The number of people buying the PS3 is increasing steadily as new games and new content is introduced. All it takes is a PS3 price drop to increase sales dramatically. i wouldn't be surprised if Sony do drop the price by $50 just a month or so before xmas. if they do, the 360 price cut may not be as effective as planned by MS.

The gap is only 5.5million and IMO it will be 4million if PS3 does well with the launch of LPB, R2 and a price drop after xmas holidays. meaning, PS3 will have about 2/3 years to shift another 4million consoles to catch up to the 360. It is very much possible.

On the other hand, PS3 may not drop their price, Xmas may heavily swing in favor of the 360, tekken may go towards a multi-platform release, and Ms may release a 360 with built in WIFI and HDD for $199. IMo, if this was to happen, PS3 would find it very difficult to catch up to 360 in NA as well as the rest of the world.