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I doubt it, not with three major players in the game. Microsoft is no Sega in terms of market impact. It's just a different dynamic. The 720 would have to fall off hard, which I don't see happening with all the money Microsoft can and will pour into advertising.

That being said, if they launch within a couple of months of the 720, I think the PS4 has a very good shot at being the market leader this coming gen. A lot of people are ceding next gen to Microsoft, but the truth is that the 360 was the slowest selling console of this gen by a substantial margin. They would have to do something very impressive to grow that much share at this point.