I used to think it had a chance. Had they cut the price earlier and hadn't the PS4 started so strongly I think it would have. The small price difference and popularity of PS4 cut PS3's legs short.
$250 vs $400 is simply too close in price for many people to get a PS3 instead of a PS4. Compare that to the $130 vs $600 difference PS2 and PS3 had.
We now see PS4 outpacing PS2 by 4:1 in developing countries. So no, as of now I don't think it has a chance.
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