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PS3 has a definite chance of at least going to 2nd very soon.  According to the sales figures on the front page of this site, PS3 is roughly 8 million units shy of the 360.  If the price drop happens, that gap will narrow tremendously.  Mind you, the 360 has a year-long head start and it's starting to lose ground to Sony.

I'm not being a fanboy or saying that one is better than the other (I own all 3 consoles and both handhelds), but we all know that PS3's biggest hurdle is its price...