I think people forget that FM3 could heavily impact the hardware-moving capabilities of GT5 if marketed properly. Think about this scenario:
FM3 launches 1 month before GT5 in Europe (Easily will be the best market for GT5, give install bases). Microsoft markets the snot out of FM3 as the 'must-have' sim racer.
Should Sony not counteract with a big price drop, I think that FM3 could steal away a lot of hardware sales - as consumers look at spending almost half for a FM3 + X360 bundle, as they would for a PS3 + GT5 bundle.
Even if GT5 has the bigger mindshare in terms of the 'must-have racer', that price tag will not help consoles moving. If MS is smart, they could seriously damage GT5's hardware-moving capabilities. Not that I expect FM3 to outsell GT5 - that'd be very difficult, but it could be relatively close, and primarily damage Sony's Q4 hardware sales, while boosting their own.
Back from the dead, I'm afraid.
