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I think its a really close battle between the two, I think if ps3 prices drop it will outsell the 360. But then microsoft would do something to regain ground. Droping the price WW can be bad for sony, but I think a drop in the US is necesary, cuz the sales there are bad for this time of the year.
Ps3 is doing well in europe and may start outselling the 360 soon there when the gears 2 effect wears off. In japan it will likely be as it is now for the rest of the year, even if 360 has TLR there because ps3 has PES2009 and WKC later. So a price cut in the US would be the thing to do.