The 360 is coming up to 4 years old and has an 8.5 million lead on the PS3, the PS3 would have to start outselling it by a margin of approx 354k consoles a month for 24 consecutive months just to outsell it.  The 360 is still pulling ahead of the PS3 and there is pretty much no way I can see of it overtaking the 360.  The 360 has the bigger market and more games so when the prices reach the sweet spot the 360 will still sell well by virtue of it's strong library of games. 

The truth is that it wont happen and I am also expecting Sony to be the first to pull out of this gen.

If you look at all the Sony predictions none were really insane at the time. FF13 was still exclusive, and nobody expected GT5 or FF13 to take so long to come out. The final straw was the 360 price cut which stopped the PS3 from beating the 360. MS buying all the JRPG's helped a lot aswell. Overall its been a fun generation with so much more potential for this gen and the ones to follow.

UPDATE!!!!!!

Haha, all the Sony fanboys were already wrong. I'm rofl.

Looks like nobody correctly predicted 2011 or later, if it ever happens.

if it doesn't happen by Q1 2011, it will NEVER happen! haha! (its not like the ps3 won't exist if its just 5 million short of the competition...*rolls eyes*)

oh wow, April 2008?

Q3 2011

  Uh, yeah it is, Nintendo won like two years ago, there is no chance of either the PS3 or 360 catching the Wii

Q3 2010.

Wow people are still posting ridiculous predictions. I still think never or probably 2011 at the earliest if MS doesn't procede to do a price cut in the 2010 holidays.

I can't believe I read through this thread. ROTFLMBO!

Some folks BELIEVE, that's for sure.