If Microsoft matches Sony price cut, would the PS3 still do "gangbusters"?

[richardhutnik]

Apparently, outside of the mentioning of some game titles, the BIG thing now is, "Just wait until Sonly slashes prices on the PS3, then it will beat the 360!"  Well, if Sony slashes prices $50 or $100 and Microsoft follows suit, would the PS3 still do gangbusters and take second place?