The PS3 has always been a year behind (because of blu-ray) so they have been 6~7million units behind the Xbox360. but in the mid-term/long term, it was the right thing to do. They don't have the high failure-rates and have a complete HiDef entertainment system.
It would be interesting to see if the PS3 can actually sell a million units a month. It won't make them surpass the Xbox360 anytime soon... but it could increase sales month to month.
One of the big reasons people buy Xbox360s is because their friends have one and HALO. The more PS3s, the more people will buy them.
Lets do some math.
In almost 3 years, 25million units sold, about = 8mil a year. And by the month, about 690,000. So that is about a 30% increase in sales.
In another 12 months, we'll see how good the sales are. If the 30%+ can hold, then the 6million units behind the 360 will be reduced to 2 million.
And because of the all 360 failure problems, end users getting refurbs or constantly buying newer units... there maybe about 2-3million Xboxes short (dead units). The price-reduced Elite isn't going to change sales... Its a $300 console, other than black and a bigger HD, its no different than the pro.