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What would be the point?

MS + Sony have 95% of the same exact games, they aim and market at the same exact demographic, lol.

What's Uncharted going to do for MS that Halo or Gears of War doesn't already do better?

There wouldn't be a "merger". What this would be would be Microsoft taking the Playstation brand and killing it off so that everything could be centralized under their own Microsoft XBox brand (lol at anyone who thinks they'd 'share' power with a dirt broke Sony).

They'd strip the Playstation down, keep the Uncharted, God of War, and Gran Turismo franchises (until they become unprofitable) and everything else would be gutted. Look at what they did to Rare.

Sony + Nintendo would be far more compelling as they actually have games that contrast each other well (Mario + Uncharted + Zelda + God Of War + Pokemon + Gran Turismo along with Monster Hunter + Dragon Quest + Final Fantasy unified under one banner too). They're both Japanese companies. And neither is big enough to destroy/rip apart the other, they'd have to work as partners. And a Sony-Nintendo cell phone handheld would be pretty kick ass.

Unfortunately, Nintendo's probably too stubborn to consider a partnership, the 3DS market in the West needs to collapse for them to start thinking about it.