Since it's release, the 360 has done well to hold a sales lead over the PS3, even if the lead appears to be slowly shrinking. So what would happen if the PS3 were to finally overtake the 360 in total sales? I predict a number of things... not all of them bad.
1. The price of a 360 would drop: You don't think Microsoft would go down without a fight do you? Step one on stopping the bleeding (or regaining the lead) would to be to drop the price of the 360. Historically the 360 has always been estimated to cost lest to build than the PS3, so Microsoft has lots of wiggle room. Gamers and 360 fans win.
2. PS3 fanboys would rub it in GOOD and HARD: A lot of 360 fans would be silenced. N4G would probably explode in Sony joy. At the end of the day 'numbers' mean very little, but for some it would bring tears of joy, or rage.
3. MS would give LIVE subscribers more value: Either the price of LIVE would drop, or they would give LIVE users more features for less. This would be another strategy to keep 360 users hooked on the annual fees for online functionality. Either way, 360 fans would win.
4. The reputation of the 360 would drop: Some say the sales race is silly, but I think it is important in brand perception. No one wants to be known for being in "last place" this gen, because it will have an influence over customer perceptions of the brand. People will speak more highly of the 360 in 10 years if it were to finish ahead of the PS3. The winners always write the history books. (yes the Wii technically wins, but I argue it is not a factor to the core crowd that frequent gaming sites and actually care about the numbers)
5. MS would increase focus on the 'core' market: If the PS3 is winning in one area it is the core market. MS would have no choice but to increase focus on quality exclusives, timed exclusives, and timed/exclusive DLC all in attempt to keep it's user numbers, or lure back gamers jumping ship.
6. The next gen 720 would arrive sooner: We all know that as soon as Sony starts to gain any real momentum on the 360 (despite cost cuts and exclusive incentives) the next gen 360 will be released. In fact, I suspect the strategy of MS is to expand to the casual market, try to keep the core crowd "happy enough", and then pop the next gen console with built in Kinect 2.0 as soon as the 360 shows signs of faltering.
7. Less focus on exclusives for the 360 now means more AAA exclusives in the early months of the 720: I think the lower emphasis on core exclusives in 2011 is telling. Microsoft is not dumb. They are not abandoning the core crowd... they are preparing a "must-have" list of core exclusives to draw 360 and PS3 gamers into buying the next gen 720. I suspect it will be out for Fall 2012... with Halo 4 and some other heavy hitting exclusives that can't be missed.
Summary:
So in the end, if the PS3 pulls ahead of the 360 in sales, aside from a few hurt egos, I suspect gamers will only benefit. Expect price cuts from both Sony and Microsoft as they battle for dominance and your hard earned dollar. Until that day, I think both Sony and MS are enjoying the current truce, not to mention the extra profits from hardware sales. Both sides are probably still licking their wounds from the initial losses that they had to adsorb early this gen (estimated to be as high as 150$ lost per 360 sold, and 300$ for the PS3 in the early days). Expect another knife fight next gen.
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"BEHIND"?
I smell a pun.
I think it's just a matter of time.
They released a new peripheral on the 360, and they're counting too hard on it to give them the boost they need to leave competition in the dust. The PS3 and 360 sold NECK AND NECK in December, despite moving Kinect units. Dance Central and Kinect Sports took two months just to break a million. That's not the launch hype numbers you're looking for, especially when you've supposedly sold 8 million of the hardware. And even more especially when you're already spending $500 million and have already gone to the top of the celebrities list (Soccer mom capital, Ms. Oprah. Young children magnet, Beiber.).
As for the PS3, they've built a solid foundation in a strong games lineup. They won't be dumped by a casual-heavy fanbase when the next weight loss game-toaster releases.
"2. PS3 fanboys would rub it in GOOD and HARD: A lot of 360 fans would be silenced"
I think the people who felt validated by a chart with a vertical arrows will rightfully get to feel stupid and ashamed. I can't say I won't enjoy it as people change their minds on both sides as to what sales numbers mean.
If #3 and #5 happen, I can't wait.
PS3 is destined to overtake the 360. It is but only time before this takes place. The momentum for ps3 is slowly building whereas for xbox it is slowly fading.
many bot fan will meltdown
I think the best way to determine what will happen is to read what people were saying of the PS3 around 2007/2008
I remember reading that Sony was going to cancel the PS3, that Sony was going to leave gaming altogether, that no good games going to be released for the PS3 anymore, that Sega might step back to in its place to compete with the 360, that the whole company (not only the gaming division) was going to close and more stuff like that
and all that not only came from fanboys but from major websites and industry analists as well, they seemed very certain back then so maybe all that is going to happen to Microsoft and the 360