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Yes it will. Just like it is this year.  Right now there are three consoles selling extremely well in a horrible economy.  The PS3 just happens to be trailing right now.  When the time comes and they are able to get the price down to $299 they will sell even more.  But I don't think you'll see that cut for a while still.  They have a lot of money to recoup on R&D for both Blu-Ray and the Cell.  The last thing Sony's share holders are going to want to see is them bleeding more money right now.