lets not get into list wars, both consoles have their games. It's all about what you want. More people simply like halo and gears. It doesnt matter what system has the better games, its about popularity.
gaming, like music and film is opinion based, sony just has to ride it out. If you're like me, don't try and fool yourself thinking the ps3 is going to blow the 360 out of the water because it never will. With a price cut, it will become even, maybe dip above with the release of its amazing games over the next year or 2, but its not going to over take.
Sony is in third place, that's just the way it is. I appreciate and respect the way they are handling it though. They are really keeping in the ring and are still releasing the most diverse and unique set of new IPs any publisher is. You have to give them credit for that. Sony will not die, the PS3 will not die, and it will only become more attractive to purchase in the coming years. with a price cut to 299 or lower, it will definitely see a huge hardware boost, no one will deny that.