It's like I've stepped into an alternate reality where the company with the best selling handheld this generation, the best selling handheld last generation, the second highest selling home console of all time (despite weak sales in the last 18 months), the best selling and most recognized IPs in the industry, apparently decent third party support for a change, a probable year head start in this generation and wodges of cash in the bank is suddenly the underdog again.
I mean anything COULD happen, this generation more than any other, but I think people are placing too much stock in what's popular in their neck of the woods at the moment. I think if Sony and Nintendo have shown anything in the last few years it that loyalty means nothing and this momentum that the Xbox360 currently has could quickly evaporate in the generational transition. MS are yet to make any kind of impact in Japan, ever, and hardware-wise still trail the Wii by a significant margin in the US despite a year head start.
Anyway, still too little is known about any of the new systems for such predictions. Give me a lack-luster Nintendo E3, an impressive behind-closed-doors 720 demo and Sony silent on PS4 and then you've got some fuel for this fire.