I don't see how this can happen. No matter what Sony does, MSFT seems to be one step ahead of them, be that price cuts, games announcements, features, etc. The fact that the PS3 is doing so well against it is a testament to the strength of the PS brand, nurtured by the PS1 and PS2 and so badly ruined by the PS3.
Currently playing on PS3: God of War III
Currently playing on Xbox360: Final Fantasy XIII
Currently playing on NDS: Chrono Trigger