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For gamers yes it has been a success in the last few years at least. Some of the exclusives are brilliant both from a technical and gameplay pov.

For the company as a whole it's been a mixed success. The gaming division has lost a lot of money, one of the main reason being Sony trying to push propriety technology like blu-ray and the Cell (with disappointing results). Blu-Ray will never be as popular as DVD (instant HD + surround sound streaming becoming more and more popular) and the Cell is dead as an alternative processor to the likes of Intel, AMD and even IBM's Power PC. Still I commend Sony for being risky even if it didn't pay off as well as they hoped.