Microsoft will definitely have a harder battle this time. Sony is stronger than ever. While in financial trouble, they just seem to do everything right with the PS4. They built a powerful system, they have a whole bunch of First Party Studios delivering some of the best games on the market. And they did nothing like the cell so developers should also really enjoy to work with the system. So Microsoft will have to really impres with their new console. It's a whole new Battleground, Sony made many mistakes with the PS3 and played into Microsofts hands. That just won't happen again.
A big question mark is of course the price. If Sony can manage to sell the PS4 at 399 $, Microsoft could indeed be in trouble. It's going to be a really exciting year for every gamer, no matter what happens.
Official member of VGC's Nintendo family, approved by the one and only RolStoppable. I feel honored.