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I believe the ball is in MS's hands. If they play it right they can bury the PS3 in English speaking countries but a couple of very important things need to happen.

1 - Falcon is released at least by the end of Sept.
2 - Another $50 price drop for the holidays will probably be needed.
3 - Their big IPs do about as well as Bioshock.
4 - Sony IPs continue to tank like Heavenly Sword & Lair (according to current news & reviews).

3 out of the 4 are completely in MS's hands and the 4th seems to be almost guaranteed given the idiocy of Sonys current management.