The OP is a nice utopia. The truth is much harsher.
At this stage in the generation, MS would be a fool to let the second place slip out of their hands. They certainly have the means and the money to bring X360 safely to the second place. PS3 Slim was released way too early in the game, leaving Sony with even less options to excite the buyer later on. If GT5 and GoW3 doesn't get the job done, Sony will be left in the dust. MS has already done a nice job neutralizing GT5 effect with Forza3, atleast for the western market, and they will even have the time to announce Forza4 (if they feel like they want to make another for X360) before GT5 reaches US market.
Nintendo will watch this in the full comfort of the first place. Things are going well for them, even without major 3rd party support, but titles such as MH3 and the new dragon quest will help them on the Japanese market. They have the strongest first party out of all three, some strong supporters such as sega, ubi and capcom. But they could win the generation relying just on their first party products. Lots of hinted/unannounced games will keep the gamers happy, and they could easily drop the price to $100 if they feel like it.
Things are far away from a three way tie. The current surge in the PS3 sales is normal, considering Sony launched a fully revisited model. If it continues to beat Wii and Xbox360 by a large margin for half of a year, this thread would make some sense. At this time, it's just a PS3 fans dream.
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