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cmeese47 said:

For all you doom and gloom people out there  consider this for a second. What does 360 have to offer after Gears 3 launches? The answer at the moment is nothing, they will be reliant on 3rd party sales. Sony on the other hand has a huge list of 2011 titles and will likely have a price cut to fall back on should they need to. Yes the 360s and price drop hurt Sony in the hardware race but this is the first week in quite a while 360 outsold PS3 in software. 

Long term outlook Sony> Microsoft

Short Term outlook Microsoft>Sony and Nintendo

I think the consoles have already formed libraries well rounded enough that a few more exclusives don't push much hardware, unless it's something really huge (like GT). Besides, I doubt MS has nothing beyond Gears 3.

As for the price cut, people seem to forget that MS can fall back on one as well. The 360 is still $300 (with a HD) in its largest market, which is the same price as a PS3.

As for any doom and gloom, it does seem kind of useless. Sales for the PS3 are great at the moment, the 360's current high doesn't take that away from it.