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There won't be a very big gap between the two by the end of this year, of that much I'm certain. But I don't think we'll see big differences (bigger than current ones anyways) until the end of this gen.
It is also quite obvious that MS will be out of the gate before Sony next generation as well, so Sony need to start moving hardware in a big way before the gen expires, since; basically the two others make up the rules this gen. Sony is just tagging along, shedding costs as they go.