I just came back from a 3 week vacation to europe.. my mind is fried and I can't put a proper sentence or paragraph together.. so bare with me.

After reading all the crap that I've missed in the past month I believe the following things (point form FTW!!):

- The PS3 price cut shows that a reasonable priced PS3 can outsell the 360, even if the 360 has a stronger library.

- This is the turning point in the console war

- I believe that Microsoft will go retarded and only cut the cost of their console by $50, which I believe will have very little effect of 360 sales or rising PS3 sales

- I believe that Halo 3 will not have online coop and dissappoint millions of 360 users

- I believe that Bungie will promise a patch for online coop like they did for Halo 2 and not deliver it...  then believe that Haze (which has 4 player online coop) will be a better game

- I believe Microsoft will not improve Xbox Live, or offer better service to it's users..

- I believe Microsoft will raise the price of MS points and/or Gold Membership fees.

- I believe that HD DVD format is dead (Also hoping that Blu Ray dies along with it cause movies will cost to much on that medium)

- I believe if Microsoft released a new console in 7 years no one would buy it for fears of product quality.. therefore...

- I believe this is Microsofts last Console

- and finally I believe Peter Moore left because he knew that the end of the 360 was coming

Yeah.. that pretty much sums up how I feel right now...

I don't agree at all.

I think Sony's tactic with the price cut, was to "push" MS to make a matching price cut - earlier than they liked. Luckily for MS, they didn't get sucked in.

The 360 still has some powerful exclusives coming this holiday season:

 - Bioshock, Mass Effect, Halo, PGR, Blue Dragon, Eternal Sonata, etc...

It should also have stronger sales of Madden & NCAA (as shown in this weeks sales) - which is very important to gamers.

MS is just biding their time to announce the price cut at the right time - just before the holiday season starts. That way it will be in the minds of all consumers, and they also want time for the disaster that has been the RRoD to fade.

MS will still easily beat Sony this holiday season (at least 360 > PS3 - probably not PS2/PSP). Halo will sell through the roof.

Its just too early. Sony may have forced some momentum back in their direction - but it won't last long, unless their exclusives (LAIR) blow heads off. 

Hehehe... I am avoiding this one...

avoiding this one ^ ^ ^ ^

Whoa, someone got depressed.

While the 360 will never do anything like PS2 numbers, I'm still certain it will sell much better than the Xbox.

Oddly, you believe all this the week that the 360 had a multiplatform game sell twice as much as the PS2, and 4.5x as much as the PS3. The 360 is still looking fine in America.

Honestly, the combination of the XBox 360 desperately needing a price cut and the fallout of the Red Ring of Death has lowered XBox 360 sales while the PS3 gets a boost in sales from a necessary price cut ... The sales boost from the PS3's price cut is not necessarily a long term result and Microsoft could still regain lost ground by fixing the Red Ring of Death and reduce the price of the XBox 360.

I don't see 360 doing less than 35 million worldwide. I think 40-45 million is much more realistic, and upto 50-60 million is still possible I'd say.

this might be a turning point, but even as a big Sony fan I can tell you things are gonna turn again when Halo3 comes out. Surely the 360 will outsell the PS3 this Fall because of Halo. However, I think you're right that Halo's gonna be a disappointment to many. The biggest reason why is that the hype for this game has been too huge for too long. Especially with all the Halo gear and paraphernalia and special edition products. On top of that, the competition in the genre is so much better now than when even Halo 2 came out just a few years ago. There's Gears, Bioshock, Resistance, etc. Somehow I doubt Halo's gonna be as far ahead of its competition as it was years ago. Lack of online co-op, which is somewhat of an expectation for such a high profile game, is definitely gonna be icing on the disappointment cake. I think with the release of Halo 3, the first person shooter genre as a whole is going to begin to lose its prominence among gamers and media alike (although this a topic for a whole other thread).

I'm also getting a sense that MS's library next year isn't gonna be able to continue to be as good as it is this year. At least that's the impression I got from E3 this year (No '08 games were shown). Plus, if there ever was a time to trounce Sony in sales, now would be it. Sony's price is as high as it'll ever be, and its library is as weak as it'll ever be. If MS doesn't drop the price, and/or Sony continues to outsell the 360 now when it's so weak, what's gonna happen when Sony's big hitters step up to the plate?