Hopefully, we'll still see the Sony PlayStation 3 on time, which is supposed to be before the end of this year. That could be up to 10 months away, and Sony's chance to take away the steam from the 360 is already gone, so Sony has their work cut out for them in getting it into peoples hands.

The PS3 will lag the Xbox 360 more in market share if Sony delays launch of the PS3 to the end of 2006, the sources said, noting that Microsoft predicted global shipments of its Xbox 360 will reach 4.5-5.5 million units by the end of June.
It's more likely that Sony will be competing with Nintendo and their Revolution. Since both of those companies have been much more well known for consoles in the past as opposed to Microsoft, we may see a much more interesting set of competition between them than we are seeing now. With the interest of two new high-end consoles coming out, we'll also probably see changes for the 360 as well, with Microsoft wanting to make sure they don't lose ground to the two console legends. AM2 and PS3 in the same year, great stuff.