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As far as the industry goes, no, not a significant weakness because the competition screwed up so badly.

Nintendo had a year's head start and they are a huge brand name in both NA and Japan. Had they released basically the "Super NES" equivalent of the Wii at a $250 launch price and learned from the 3DS post-launch regarding a steady stream of must-have games they'd be sitting pretty right now.

Similar to Nintendo's decisions, Microsoft abandoned everything that made the 360 such a hit last gen - a nicely priced system focused on games. Regarding NA, it was Microsoft's gen to lose.

Sony would have likely taken Europe this gen no matter what, but even with all of the right moves by Sony I think Ninty and Microsoft could have at least kept Sony's WW dominance at bay.

Now for me personally, the PS4's weakness thus far are its games. Even on the horizon nothing is really appealing to me (not just from Sony, but from the industry in general) except for Ninty's games... even if they do only come every few months.