I think holiday seaon 2007 will belong to Nintendo. The 360 and PS3 may have price drops, but the Wii will still be the hot system and the most gift friendly console. I agree it will be huge though, the biggest December ever for gaming. Here's my early predictions including handhelds for USA only.
NDS 2,800,000
Wii 2,200,000
360 1,500,000
PSP 1,250,000
PS2 1,200,000
PS3 1,000,000







