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Honestly this "war" is far from over. For the time being, it suits Sony and MS to focus on taking marketshare from Nintendo, really, and it actually hurts them a little to take significant marketshare from the other HD console (by, for example, trying to lock up exclusives from 3rd party publishers).

By this I mean, they shouldn't waste their time/money fighting for 3rd party exclusives, and should spend more time making the PS360s cheaper to develop for, and generally attractive to 3rd party devs and publishers.