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It's selling bad... And while it launched with a lot of good games, now the calendar seems empty. Until E3, the only relatively big game is Resistance: Burning Skies and is not that big. It wouldn't be so bad if it can keep these sales until then, but it doesn't seems likely. It's too far away!
This sucks, because is a great system and I think the price is right.
An exclusive Call of Duty would probably help to sell more in America but it's not coming out, at least until August.
A new Monster Hunter would definitely increase sales in Japan, but that doesn't look likely since Capcom's 3DS announcements last year. Square-Enix could help by releasing Final Fantasy X with extra content a la Persona 4: The Golden. But still, it's a multiplatform release so nothing really big. It should be a timed exclusive, but that's too late.
The system's health in Europe should be ok with annual releases of FIFA and PES. Gran Turismo would probably take Poliphony 5 years to develop and its launch depends on the system is not dead by then.
Oh, well. I just hope Sony finds the solution...