Presuming that it will be in the race in May at all!
The European Sony gaming chief, David Reeves, literally admitted that they are fighting against the company's "Hmm, I'm not sure I want to be in this business at all." -thoughts.
I admit that this is not the most likely outcome, but it is still realistic enough, that I wouldn't be shocked if it would happen.
The 360 won't get axed, because even though it has worse overall financial results than the PS3, Microsoft is willing to lose that money for eliminating the PS brand, for future purposes.
Still incredibly unlikely the PS3 will get discontinued, if anything had to happen like that I think tey would relaunch the console again when its cheaper to make. 360 Won't get discontinued because Microsoft are making a profit on it!