Not when the Wii is selling 2:1 in the states.
Microsoft could get *close* at one point or another and sell 65-70% of what the Wii is, but that's the best it'll do. Japan will be a runaway success for the Wii (comparatively), and the Wii will maintain strong margins against it's competitors.
The X360+PS3 will be lucky to maintain a 50% marketshare this Christmas.
Back from the dead, I'm afraid.