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Regardless of how poorly PS3 does, it will not be another Sega Saturn. It may end up that 360 saves the PS3, but worst case scenario is that PS3 base is big enough to port 360 games to, thus making 3600+ PS3 viable and keeping Wii support at bay. However, the PS3 will get no 3rd party exclusives.

This means very little for PS3- perhaps valkeryia chronciles will go to 360, and perhaps ToV, Star Ocean 4, and Mass Effect will remain 360 exclusive, but PS3 first party development is so fantastic I don't think it will matter. Unless the software starts to whither and 1st party development isn't worth it... but in that case, the console will die as a more expensive port machine wouldn't be able to stand up to a cheaper console with good exclusives.