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DirtyP2002 said:

How can MS overship (build up stock) in Q4 2011 without affecting Q1 2012?! How can they build up stock and sell the regular amount in the next 3 months with such a market decrease according to NPD? Just not possible. Worldwide retailers aren't forced to buy loads of Xbox 360s.

Anyway, the reasons why they won 2011 are not relevant at all. Look at it this way: They lost 2010 because of undershipping according to your logic. Every manufacturer had shortages this gen, so this is no excuse. Sorry mate.

It would affect Q1 2012 if they overshipped in Q4 2011.  However, if they did overship, I don't think it was by much.  It seems MS mostly shipped its holiday units during Q4, while PS3's were a little more divided between Q3 and Q4.  Either way, the shortage in 2010 led to inflated shipment numbers for 2011, which is why VGC is not going to make any large adjustments to their numbers (keeping the PS3 ahead). 

As for 2010, they lost because they didn't sell more units to consumers than the PS3.  The same goes for 2011.  Again, these battles have been about sales to consumer, not shipments to stores.