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PS3 is unlikely to overtake X360 in total worldwide sales within the next two years. By the time PS3 overtakes X360 in 2011 the new XBox will be out and it would not matter.
There is currently a 6.24 million gap of X360 over PS3 and it is increasing. It will be over 7 million gap by the end of 2008.
X360 has increased a 5.3 million lead back up to 6.24 million lead within the last three months. 30 August 2008 to 22 November 2008
PS3 price cut will come too late and by then it will be approaching 8 million gap behind X360 in mid 2009. X360 price cuts would come into effect immediately after PS3 2009 price cuts.