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One thing I noticed over the past week was how many 'amazing' deals there were on PS3 systems for Boxing Day; if you were considering buying a PS3, the fact that you could buy a 40GB model, HDMI cable and either a controller or game for (roughly) $370 probably sealed the deal for quite a few people. In Contrast, I didn't see any particularly good deals on the 360 at all.

In other words, I wouldn't assume that the 360's relative drop was based entirely on people wanting the PS3 more in-general as much as the PS3 was a better 'deal' over the past week.