I don't think it is a complete win for PS3.
PS3 losing Blu Ray means it loses a selling point and if both the 360 and PS3 went with HD-DVD or whatever, then the 360 still wins on that front. The 360 launched a year ahead and garnered a good reputation from the OG Xbox and the Halo series. It still would have sold quite well, especially after Halo 3 launch. The PS3 would not have the perceived "advantage" of the cell either and being so similar to the 360, when the 360 already launched a year ahead isn't exactly a good thing. The 360 still has the Kinect which outsold the Move quite easily, so again 360 has advantages even late gen.
However, bad PR for the 360 would be a lot more pronounced, especially the RROD issues. So it depends if the PS3's new architecture would also create new HW problems to match the bad PR for the 360.
360 had everything done right, I doubt they could do it again.
I remember the games, Oblivion, Table tennis, Fight night, Gears of war, Halo 3, Forza 3, rainbow six vegas, dead rising, Test drive unlimited, call of duty 2, saints row, FEAR, Ghost recon - advanced warfighter, Hitman blood money, call of duty 3, the godfather, Battlefield 2, phantasy star, Prey, need for speed, project ghotam 3, condemned and many more. All of these games before the ps3 even came to Europe.
If you really liked videogames at all, you had to have a 360 back in 2005/2006, I'd have waited a couple months for ps3, but that was a huge library of games already available in HD graphics with a fantastic controller that had vibration, I paid 360pounds in UK, the ps3 was supposed to be 500pounds without controller vibration. And it was backwards compatible with a lot of games.
As much as I loved ps2, I had to go 360. I ended up buying a ps3 when uncharted came out.
The fact that in the end the ps3 still outsold the 360 is mind boggling to me as a real gamer who enjoys games. It makes no sense. Its as if people bought into the brand instead of the best library. More so when the xbox 360 played a lot of Xbox games such as Baldurs gate, Black, Batman begins, Burnout 3, colin mcrae4, commandos 2, Constantine, crimson skies, doom 3, Fable, Far cry instincts, GTA trilogy, Halo games, Jade empire, Max payne 1 and 2, Medal of honor, Ninja gaiden, Panzer dragon, Prince of Persia, red faction 2, return to castle Wolfenstein, Shenmue 2, silent hill 2, soul calibur 2, star wars games, and many many more.
PS - I do not believe Microsoft will ever again have that library advantage, sony will not let them. And I wont fall for the talks about several teams and games coming, I remember how they fooled me with the Xbox X because a couple games were cancelled.
You would have had to be crazy to chose ps3 over 360 at least for the first 3 years. Specially if you play online, xbox live was way better than psn back in 2006.