So basically if this holiday season still sees the PS3 beating the 360 in Others then Microsoft has 0 chance at winning Europe and will have to focus on barely beating the PS3 in Japan and keeping the US happy.
A worldwide lead is still a lead regardless, and I don't think the 360 will have any problems winning World Wide till Sony drops their price another $100 or so, and even then MS will drop their price again to keep pace.
It's just that simple.