|Pyro as Bill said:
No. It isn't. Sony will die if they try and out-hybrid Nintendo. Nintendo can make a home console at any point. It doesn't matter if it's successful because they can pass it off as their hybrid prototype. They only have to get lucky once (like 360 did) and it's Game Over.
Sony going hybrid/portable is their only defense but holding back on power lets Microsoft win. If Sony produces a successful portable I'll change my mind but until then it's a losing battle (not to say they can't reap rewards in the interim).
While i don't think sony will go down that easily, we can agree on one thing: the sucess of playstation is because they have been doing near perfect decisions since the ps1. The only blunders in their home console line are the 600$ ps3 and the ps4 pro to an extent.
The vita ultimatly shows what happens if sony has a wii U moment. While ninty has endured and survived wii U moments while still pumping out great games sony... yeah.