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I don't really see this happening. Too much investment for too little return, CoD would lose something like 30% of its current consumers assuming some people make the switch from PS3 to PC/360.

That said, Microsoft consider this just to try and destroy Sony. Force them to leave the hardware market by releasing hard and fast (tehe) with the next-gen console. What goes around comes around eh!

edit: But even if Sony lost all future Activision games, it might not be that damaging.  Probably lose some more market share to MS.  Guess we'll have to see.