I'd say Microsoft has definitely lost more ground this year than either of the other two. They did conquer E3, making it the second year in a row for them. It always seems like Microsoft has a natural advantage going into E3, they always seem to be able to put on the better show (strictly in terms of presentation, regardless of software), it just depends on whether or not they have the substance to back it, but when it comes to the situation on the ground, Microsoft really lost control of things this year.
Microsoft's year was basically great up through September, and from October on they've dropped the ball in sales, hype, and exclusive releases, which is really hurting them since this is the exact point at which Sony is bringing their A game.
Sony pretty much had the opposite problem, in that they were flagging badly in the West (though their recovery started early this year in Japan) until September, and now they've flipped positions with Microsoft for the time being. They gave a good run at trying to revive the PSP, which seems to be slightly working (Go isn't doing well, but PSP 3000 sales seem to be benefitting), they pulled out the stops at the end of the year, and it seems to be benefitting them, to the tune of probably beating the Wii overall in sales in Japan, and evening out the gap with Microsoft
This year was when Nintendo was actually punished for last holiday season, i think. Their momentum deflated, earlier in Japan and later in the West, though they're still solidly ahead, and are slowly bringing back the software. It was another huge year for DS, but i think this year was especially validating for Wii, because this was the year that the competition acknowledged that Wii is the proper market leader.
Monster Hunter: pissing me off since 2010.
