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"Sony f'ed up by making their console too expensive"

Is it like they wanted to? Before, it costed them more than $800 to manufacture each playstation 3 system and had to reduce the cost down by almost half to make it profitable enough for retail. Sony already lost money from the playstation 3 and they can't afford to lose any more. 

"Even if the PS3 gets a price drop they still don't have all the great exclusives like they did in the past"

Not all, but enough to have a decent amount of exclusives. Unlike the xbox 360, which it almost has none.