Well I can't see the future, but I don't think PS3 will win. Trust me, I much prefer Sony over Microsoft and think they have better exclusives (the RE ones that don't go to Nintendo, which are most, go to Sony, Metal Gear Solid and until recently first dibs on GTA), but between licensing out games (which I know they recalled but definetly put a BAD taste in EVERYONE'S MOUTH that is still there) and the overcharged price tag.....
I just don't think it will sell as well.
And about Blu-ray, I was rooting for the Ray but the fact is that they delayed their players, they are being outsold by HD-DVDs which usually means it will continue this trend and in the last year it has lost support (when it already had smaller support than HD-DVD) from two more studios.
For this reason it looks like the industy is going over to HD-DVD. If you lose studios it doesn't matter if you have a slightly larger profit margin because it is likely to drop if you can't sell the software. So an edge (and excuse for the lousy $100 more than Microsoft) is lost.
Personally I think 360 will probably win this one as they are easier to make games for as well than the difficult PS3. And sure PS2 was the best system easily of last generation and won the console war, that means squat. Ask Nintendo which annhilated Atari and in the following generation still narrowly defeated Sega (how Sony narrowly defeated Microsoft). Nintendo dropped to a sizeable second the following generation to Sony and a distant third with Gamecube.
And I'm not saying PS3 will be Gaemcube but if I had to predict, my bet is expect an N64 drop in sales and 3rd parties respectively. The wild card is the Wii, but personally I don't care who wins because I think the Wii looks the most fun and promising, even if comes in third again.