It all depends on which region ultimately shifts more units - North America or Europe. I really think 360 is going to own the PS3 pretty hard this holiday. The price has dropped through the floor, they've got more Halo 3 coming, they are going to push GTA IV stuff, they already are pimping Rock Band 2, they've got the New Xbox Live Experience coming through with a whole campaign of "Give Us Another Look". The economy is in the toilet and it's way cheaper than PS3.
Unless Little Big Planet is completely revolutionary on a Wii-type level in terms of expanding the audience, PS3 is in short term trouble over the holidays in America.
Now flip all those arguments around, except for price, which has less of an impact abroad as the economy is better (though not great) there, and you have the reasons why PS3 will kick butt in Europe.
Japan's pointless, as the market is smaller and neither console is catching fire there.
Can't we all just get along and play our games in peace?
