I find it amazing that Sony is still around actually. Nintendo always makes money on their console and they're the only one of the three to consistently turn large profits from the gaming industry. By comparison, its two competitors spend their time either sinking into the red and losing money or going back and forth between making and losing money.
If anyone was to survive in this industry, it would be Nintendo because they've proven time and again that they can profit from anything (even Gamecube-esqe sales). At this point, it's a wonder that Sony's stakeholders aren't raising more complaints about Sony's business model of selling their console for a heavy loss. If the PS3 fails any harder than it already has been so far, the future of a PS4 looks mighty grim. Sadly, most of this is due to shoehorning their BluRay format into the console which forced the price to skyrocket even to the point where they would sacrifice functionality of the unit to keep the costs down.
Meanwhile, Microsoft is finally starting to post gains with their gaming division which is practically unheard of. If they could overhaul the 360 to get rid of the costs and negative PR added by continuously having to deal with RRoDs, it's likely that the 360 would stay in the black.
All in all, Nintendo will continue on its merry way making Mario and Zelda games until the end of time. Microsoft will continue attempting to take over your home media center and continue trying to kick Sony in the balls at every opportunity. Sony will continue pushing their BluRay player even as it destroys their games division.