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In the USA I am sure the PS3 will not catch  360 , It's over there , If I owned a 360 I don't need a PS3 , the games are one and the same , I don't remember seeing two similar consoles in my gaming history , OK U can't play gran turismo (U got Forza) U can't play Killzone (U have Halo) this is not much of a big differance .

The only bright side I see is Blue-Ray support by PS3 (U can purchase a Blue-ray machine still) , Had microsoft choosed to support HD-DVD then it would't have died and Toshiba would be still fighting for it's market share till date.

Anyway in Europe we will have to see if The price cut will change the market there because the PS3 is leading there , The gap has shrunk to 5 Million because of Europe & Japan market.