I still think it's too early to declare a winner between X360 and PS3. Like most I believe that the current generation begun too early. I mean look at GOW2, RE4 and some of Team Ninja's final offerings on the original Xbox. And as thus the adoption rate for both X360 and PS3 has not been so spectacular mainly due to price. Hopefully these two learn that in the next console cycle hardware should be less than $400. But it would be foolish to count Sony out right now. The system has not even been out for a year. It has promising exclusives, MGS4, FFXIII, GT5, Haze, Killzone 2, Little Big Planet, Home, White Knight Story, and also a cachet of brand loyalty especially in PAL regions.
But I do agree that Microsoft has a great chance of beating the PS3 in North America. Also whether you're fan of a platform or a fan of gaming you should embrace the healthy competition. I sure as hell doubt that Sony's online initiative, though lacking some features of Xbox Live, would be as fleshed out as it is today without the competition.