I don't think it will. Even with the amazing success of the PS2 they apparently only made about $billion profit over its lifetime. The first quarter losses were also not that great.
Now, however, the PS3 has already lost well over 2 billion (considering they almost posted $2 billion losses in one quarter with PS2 and PSP to offset that loss), and it is not going to sell anywhere near as many units as the PS2. It does not seem likely that the PS3 will ever break even.
Help! I'm stuck in a forum signature!