PS3 have overtaken the 360 in a number of countries.
Overall sales though will likely be 18+ months from now at a guess.
And in the US with the 360's lead there who can say probably Dec 2009.
I am basing this on sony brand loyalty, quality design and technology value of the PS3 AND some innovative new gaming franchises appearing on the console ( will this generation see widespread use of voice recognition in games perhaps ?) , if the best the developers can do is turn out the usual crap thumbstick based games then it will take longer.
Still theres plenty of innovating and back stabbing to come from MS and Sony before this sales war is over
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PS3 number 1 fan







