Relax, Microsoft is doing fine. At the moment, profitability for them matters more than fighting for a silver medal. They have a big enough market share in the west that they don't have to worry.
Even if you take into account the greater number of PS3 exclusives vs. 360 exclusive this year, it's clear that the problem isn't the lack of a price cut or lack of NATAL. The problem lies with 1) Microsoft churning out less first-party titles than Sony. This can be attributed to Microsoft not having many in-house developers. They rely a lot on independent developers. And 2) Some Japanese developers not having faith (NIS or Dust) or favoring the PS3 (Sega especially minus Bayonetta, Square-Enix recently, From Software recently)
The only exception to these two points is Rockstar (Agent, LA Noire). And they announced these as PS3 exclusive aeons ago back when it was selling poorly and 360 momentum was high. They chose the PS3 because they feel that Blu-Ray's storage capabilities will give them more creative freedom with a open-world sandbox game.
So if I were to recommend anything to MS, it would be to release more first-party titles and do something about the Xbox 360 in Japan. Final Fantasy Versus XIII exclusivity was an unavoidable situation because Square-Enix felt they had to keep it exclusive worldwide after that torrent of weeaboo rage "waaahhh, Wada-san is a sell-out for making a deal to release FF13 on that American console so that the game can reach more gamers!" post-FF13 multiplat announcement.
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