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You can view being last as a good thing... because they can have a plan A and a plan B depending on what is announced at the previous conferences.

Microsoft anounces something big.... Sony announces a price cut, or if MS don't announce anything unexpectedly huge Sony can ignore it.

Isn't that basically what they did for the PS1 versus the Saturn? Sony seemedly on the spot decided to launch the PS1 at $299 instead of the $399 it had launched at in Japan, this basically fucked up Sega's plans, in fact if Sony hadn't immediatly dropped the Japanese price I think it would have been classed as illegal or something.