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My take:

Sony strengths -

Pushed Blu Ray and killed HD-DVD
Produced one of the most advanced consoles in history
Instilled the fear of God into MS

Sony weaknesses -

Overlooked the casual crowd
Removed the primary reason for PS2 owners to upgrade - backwards compatibility (which the Wii has, as well as the 360 does now with hard drives)
Lost a grip of exclusives
High price (despite features)
No rumble with initial controllers
Free online but no where near as robust as Xbox LIVE