Maybe, but only time will tell.
I finally have all 3 consoles, and yes I did buy the PS3 a week ago when it was essentially $299. $399 with a 100 gift card at Wal-mart online store. That was the factor that got me to buy one. I think I still like my 360 more though at least when it comes to games they are better.
So yes I agree $299 is the sweet spot.