WiiStation360 on 31 December 2008
You only need to look at why the 360 is leading now to find your answer.
PS3 was outselling the 360 pretty much every week between Nov 07 through mid 08. What changed? Three things. 1) Price cuts in Others 2) Price cuts in NA 3) Price cuts in Japan
Given this, is pretty easy to see Sony's path the outselling the 360. Your point #2 is misleading. Sony does not need to undercut the 360 to sell better. It just needs to be priced competitively. $400 vs $200 is not competitive.
