No! Everyone knows that the PS3's hardware is expensive and was initially sold at a fairly high loss; it is likely that their initial pricing strategy was designed around rapidly reducing the cost to manufacture a PS3 to a level where the loss was small (or they were potentially turning a profit off of each PS3), and then waiting 12 to 18 months (while reducing costs further) until the margin on each PS3 was large enough to reduce the price and only take a small loss (or turn a small profit).
From what we have seen, I believe that it is likely that Sony has passed the initial savings on the PS3 onto their consumer which means the PS3 continues to be sold at a fairly large loss. Realistically, for Sony to turn a profit this generation, over the next 18 to 24 the PS3 will have to remain (pretty much) the same price while Sony reduces manufacturing costs and can start selling the PS3 at a farily large profit; over this same timeframe it is likely that the XBox 360 will see a $100 to $150 reduction in price which will put massive pressure on the PS3 to lower its price.
In a lot of ways, the PS3 seems to be in a similar position to the XBox and will likely continue to cost Sony money through out the generation mainly because Sony will be forced to reduce the PS3's price before it can afford to.
