The 360 will have it's periods but I seriously doubt it will outsell the PS3 most of the time. I believe in the Playstation brand, not necessarily for it's quality but for it's fame and nostalgic. People planning to get a HD console will get a PS3 instead of a 360, unless ofcourse they are interested in 360 exclusives or have friends who own a 360. But those groups are lost to Sony even if they drop the price to 100 dollars. So honestly as a 360 owner I can't see the 360 outsell the PS3, atleast not in Europe and Japan. But Sony might screw up the marketing again, if they do so badly then the response will be outrage. Towards Sony and towards the Wii/Xbox fanboys who are making joke topics about it. But I really can't see it happening. I B_E_L_I_E_V_E in the PS3 Slim even though I don't want to own one.
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