I vote it will easily beat it.
Well, there is the reported price cut, plus Star Wars Kinect, Plus the games everyone has spoke about (Halo Anny, Gears2, Forza4, etc.), plus Bing Voice Search, plus Cable, Plus expanded Skype/Video Kinect.
If they can also push a killer Workout Game then they can push it on QVC to an entirely new audience. It has plenty of stuff for gamers, but it is also about appealing to people that aren't gamers yet. (like the Wii did, but even with a broader audience.)
Golly, I've even thought of getting one for my folks, cause 1. they really shouldn't driving to the video store at night (there aren't many video stores anyway) and I would put them on Netflix and Hulu. 2. it would be an easy way for my family to video conference. 3. it might be simple enough for them to use with just their voice.
If they can market it to let more people see what it can do, then they will have an extremely good year.