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I'm only reporting my local observations, so I'm curious to see if others have noticed the same things.

My local Wal-marts have moved all their Nintendo inventory to the front display cases, a position which was previously occupied by Sony. In addition, the case on the main aisle has been filled with Nintendo products. The 360 stuff sits next to the Nintendo stuff, but is still in the forward case. All the Sony products have been moved to the back cases, also the section seems to be smaller.

I've also noticed that my local Costco has begun selling PS3 bundles. I think this is a clear signal that the retail channels are stuffed since Costco is usually the last retailer to receive product.