PS3 will close the gap on 360

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Sony's new PS3 will help the console close the sales gap currently enjoyed by Microsoft's Xbox 360, according to EEDAR analyst Jesse Divnich

The new PS3 pricing scheme finally makes the Sony console a much more competitive product, relative to its closest rival, the Xbox 360,” he stated.

However, Divnich warned that price and specs are just two variables amongst many, and that there are still plenty of questions left to be answered.

In terms of value, the PS3 is a superior hardware product in comparison to the Xbox 360," the analyst added.

"However, this is not to suggest that hardware sales will suddenly shift to Sony's favour – a superior hardware system is only one variable in the equation for next-generation success.

Nevertheless, the PlayStation 3 price cut will act as a positive catalyst that will close the sales gap between the PS3 and Xbox 360.”