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I wouldn't consider Microsoft to have ever been at the top, unless we aren't talking about gaming.  Man, you don't even want to know what they did to Netscape.  However, there has been a third company at the top: Atari, and they are far worse than either Nintendo or Sony.  They are responsible for crashing the console market in the US.

As far as Nintendo vs. Sony, I kind of think Nintendo is both awesome and terrible at the top.  All of their top selling consoles have been great.  Nintendo is at their best when they reach the top through innovative new games and/or hardware.  However, their devs also get really big egos and then often start to do stupid things which lead to failures (Virtual Boy, N64, Wii U, etc...).  Sony, on the other hand, is not great but not terrible either.  They stay fairly consistent at the top, but they don't really innovate much IMO, and occasionally their consoles can get too pricey.