Panama on 09 January 2012
The sad truth is that making Blu-rays mainstream did more for this gen than anything else the 3 consoles attempted to introduce. I bought into 3D gaming like a sucker. Still, my LG tv is pretty awesome regardless.
Also to answer the main question. Definitely. It's far from over yet, i'm hoping to see about 80-100million units sold by the end of its 10 year life cycle. It was a financial sink but it was worth it in the end for it forced Sony to differentiate itself from the competition with a slew of great exclusives, both first and third party, old and new IPs. Also from graphs i've seen, I recall the PS1 and PS2 didn't make Sony much in terms of revenue despite them selling over 100million units each.
