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It won't sell PS2 numbers for PS2 length of time.
However, it is worth noting that before the Wii pricecut it was selling
more week after week than the other consoles (At a higher price point).beyo

This is not your typical third place console at all. While it will never grab 1st this generation I still believe the PS3 will end up above the 360 for sure and last on the market for many years to come. I think MS is going to make a mistake when they essentially stop supporting the 360 (Not in the manner that they did with Xbox) but their E3 press conference the past two years clearly appeared like a company acknowledging their lack of first party studios and new IPs.

PS4 will release with a more competitive price from the get-go and a better release strategy which will be aided by the strong PS3 presence.