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You know what I think? Sony doesn't have to make a comeback for second place. Instead they should just do what Nintendo did with the GC: sell console for a profit!
Cutting the price and losing money in this generation is not worth it!
Sony made a choice to make a console that would best the other spec-wise, but that comes obviously with a high price tag on it and ther is not much you can do with that. The Cell chip, with its billion cost for development, and the Blu-Ray with its high manufacture cost are those two choices that cut the legs of the PS3.

If you look at the past a similar scenario was the fight between Saturn (more powerful but costly and hard to program for, so it was hard to take full advantage of that power... just like the PS3) and the PS1 (less powerful, less costly and easier to program for... just like the 360)... OK, Sony isn't SEGA and so on... but that's not my point!

The point is that SEGA cut the price too much trying to follow Sony, with the result of losing tons of money and even losing focus on the games.
Sony won't be in such a financial troble, but then again is not swimming in gold, so I think it would be better on focusing on what they have and capitalize on that.
Also, the money gained from the hardware should help them financing good 1st party games that really take advantage of the machine and show the consumer that the machine really has an edge over the competitor!

See what Nintendo did with GameCube, and in less extent with the N64: making money out of the HW (they never sell for a loss, no matter what!) and with that finance good firts party title that in turns attract enough people to buy the hardware! With the GC they probably didn't make billions, but that combined with great portable sales helped them build the new DS and the Wii (which wasn't beefed up probably because it would have cost too much!), with whom they made a great comeback.

And so should do Sony, which isn't by any mean in terrible shape, trending well ahead of the GC and the PS3 is set to sell at least the double of the 17 millions that is now on, which will be more than enough for third parties to stay on the ship, as Nintendo's Wii won't be the ship to jump on with the kind of titles they are making right now!