I don't think people are underestimating the 360 so much as they are overestimating the PS3. Certain factors have gone in Sony's favor lately, and people assume things will keep going on this way. It might, but there's no reason to believe that with current information.
What the 360 has going against it is Japan. In order to keep selling even with Sony, Microsoft has to make up all of Sony's Japan sales with its "surplus" sales in N. American and Europe. Europe has recently taken a turn towards Sony, so things are looking like a closer and closer gap, but I think trends will end up where Europe normalizes and the N.A. sales will make up for Japanese sales. They'll keep selling about even worldwide, with equal chance of either company having a slight edge, but even if Sony gets that edge, I personally don't think the PS3 will ever get within 5 million units of the 360. Unless something really dramatic happens soon, obviously.
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