@ OP: the comparison as you drew it is really a poor one; the PS3 doesn't have the same weaknesses as the N64, including third-party games. (It has different weaknesses, including third-party games.) One of the biggest things is that the PS3 has been a massive cash sink whereas the N64 wasn't really AFAIK.
johnsobas: "yea you can argue about how good nintendo 1st party is vs sony 1st party"
No, you really can't. Well, you can but you'd be wrong.
DavidValbu: "PS brand always had as exclusives the franchises GTA, Tekken, Final Fantasy, Street Fighter, Soul Calibur"
What world do you live in? GTA3 went to Xbox, Street Fighter games landed on the Saturn, Dreamcast, and Xbox, and Soul Calibur STARTED on the Dreamcast and Soul Calibur II is WELL KNOWN for its special versions on each of the PS2, Xbox, and Gamecube. Just for kicks, Tekken had one game ported to the GBA and Final Fantasy had a well-known spinoff on the Gamecube, but I could see why you might not count those last two, and I would agree on Tekken.
c0rd: "Besides the GTA series, there weren't Nintendo-sized hits on the consoles"
Gran Turismo 3: A-spec outsold all N64 games. Gran Turismo 4 sold about as well as Mario Kart 64. Certainly the N64 games did it on much fewer consoles sold, but your statement is still incorrect.
nintendo_fanboy: "Nintendo has always had just a couple of games that sold a lot, compared to a more diverse first party offer from Sony."
I don't think this is that much more true of Nintendo than Sony -- if you go into VGChartz's games database and look up all the Sony-published PS1 games or PS2 games and order by sales, you see there are a few at the top, and a steep drop off to the lesser hits. Nintendo shows a similar trend.
emilie autumn: "PS3's situation is more like the dreamcast, than the N64"
No, it's really not.
Sylvain316: "Sony is not doing so bad. It's the two others compagnie who's doing so well."
Actually, Sony has been doing really badly, and I wouldn't say it's been that great for the 360 either.