Sony dont need to react and wont anyway because they cannot afford to.
2008 and 2009 should be the best sales years for the 360 where as 2009 and 2010 are likely to be the best years for the PS3.
The 360 is currently a great value product with a great games library. The PS3 will be able to take up this mantle in 2009 when its games library is bolstered by its remaining 2008 releases and then its price reduced.
It has been mentioned that the recent credit crunch could penalise the PS3. This is actually quite a strong possibility but on current trends its probably the Wii that will see most of this benefit anyhow.
On a side note the current boost of 360 sales means there is still a chance that it will surpass original Xbox sales by the end of the year!
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