A couple of price cuts and people freak out...
Look at it this way. The 3660's price is now about as low as it can go in Europe and Japan to spur sales. Any price drops from here on out won't do a thing. Once the spikes from the recent price drops go down, there's not much left for the 360 in these territories (outside of a very brief spike for the 360 in Japan when SO4 hits). Microsoft still has room to grow sales in NA, but that's about it.
Compare this to the ps3, which is still VERY expensive in all regions. Sony has plenty of ways to spur sales, from price drops to the release of games like LittleBigPlanet (potentially a system seller), God of War III, and the full Gran Turismo 5. And then there's the fact that Final Fantasy XIII is still exclusive in Japan.
The ps3 is by no means destined to third place, and I believe it will still end up taking second.