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I think the PS3 line up will be a bit weaker than 360´s this holiday. Its biggest game left is MGS, which will have lost it´s selling power in november.
It is quite clear from Sony´s sales estimates that the PS3 won´t see a pricecut.

I don´t see the Xmote doing much, but a pricecut will definitely help a lot in the US. I think 360 will be the HD winner there.

But outside the US the PS3 is much more popular and I don´t think 360 can outsell it worldwide ever again.