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It depends on how you look at it.

You can focus on the mistakes made with the hardware, marketing and the loss of market share and money, or you can look at how Sony managed to cope with selling a $600 machine, the expansion of their first party and it's first real foray into the online console gaming space.

Positives and negatives abound. I would say I'm impressed with the turnaround they've made this generation, the development of PSN and the expansion of their software portfolio, but very unimpressed with some of the very costly early decisions they made.