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There's a good chance the Wii will outsell the PS2, and it's getting better all the time. The big unknown here is wether Nintendo is going to keep it on the market long enough, or get greedy and release something new too soon. If they want to, they can definitely hit a hundred million in record time, but they also like to make money, and releasing new hardware will become a good idea at some point.

It's definitely going to outlast its current competitors though. Succesful consoles have huge lifespans, and less succesful ones don't. That's how it works.