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I believe Sony doesn't have a shot at winning this generation, but it wouldn't hurt if they:

Release GT5

Price dropped PS3 so that they lose money on each console but gain money on software sales through that increased install base

JRPGS! They really dropped the ball this generation and let MS in Japan, now it's too late for them seeing as how Nintendo is also pummelling them in Japan.

Start releasing more Buzz, Eyetoy and Singstar games. They came out too late this generation (I don't think I've seen an Eyetoy game yet for the PS3, unless you count that card game).

The time for experimentation is over. Lair Sucked. Heavenly Sword sucked (to a lesser extent). Folklore was meh. Motorstorm 2 came out way too early (does anyone really buy that many car racing games not labelled Forza, Gran Turismo or Need for speed?). They did well with Resistance, Uncharted and Warhawk. Now it's time for sequels. Where's Jak and Sly Cooper?

Stop releasing so many damn SKU's. MS did it to fix RROD, Why the hell is Sony doing it? Instead of making incremental improvements that a 60gb launcher owner and 80gb owner couldn't tell the difference between and get to work on a PS3 slim.