I would think the PSP - its a handheld system, and should have more "global" appeal than the 360. Plus its selling in all three markets - all it really needs is a good price drop.
I think sales will boom (for a while anyway) when the new model comes out - I expect this Xmas. Lots of existing owners will upgrade, and this will flood the market wth 2nd-hand old-model PSP's. Also depends if Sony can bring out some more excellent games (GT Mobile yet to come...).
On the other hand, if Nintendo wanted to be MEAN - they could MURDER the PSP pretty easily. Bring out the next-generation (high-end) DS, that competes/beats the PSP on every level... more RAM, nicer screen(s), excellent (Wii level?) 3D and more. But this would impact their profitability in the long-term, so no need to do this now - Nintendo would rather make money off software than hardware :)
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