Nope.
The PS3 was a device designed to be sold for $399+ for the majority of its lifetime. Sony took a massive hit when they decided to try and be price competitive with Microsoft. I don't think they planned on making loses for more then a year considering its biggest initial cost (Bluray drive), plummeted down pretty quickly. If they managed to sell at their initial $599 price point for over a year and settled around at a $399 from 2008-2010 they would have been profitable I think.
Worse thing about the PS3 is that although its a brilliant system its cost certainly was not justified for the majority. Bluray never truly kicked off and all that money poured into the overpriced cell processor was pointless. The only devs that seemed to produce things the 360 simply wasn't capable off were Naughty Dog and Santa Monica.
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