I would like to see how the PS3 is doing versus the 360 at an equitable price point. If the PS3 is tracking close to the 360 at $399, then I don't think Sony's in trouble. If it is significantly lagging, then yes, Sony's screwed.
If the two are tracking together at the same price point, I think the PS3 will enjoy a similar bump as the 360 did after its price drop. Note that before the $199 core, the 360 and the PS3 were running close to each other. Also note that retail musings suggest that it's the Arcade units that are selling the 360 to its current numbers; not the Pro/Elite (not suggesting that the latter don't sell, just that price is definitely the factor here).
Will the PS3 be able to drop in price to 360 levels? I would think close to, if not exactly at the same price. One hurdle could be the hard drive, which would not scale down in price as much as the processors would -- it's not exactly a component that rides the Moore's curve. The other issue of course, and this is the genius of MS strategy this gen, is that the PS3 is lagging the 360 by one year. So even if Moore's Law comes to favour, it would only do so at a time-lag (everything else assumed equal, could be a wrong assumption of course).
Therefore we might see either miniscule price shavings, or Sony tightening its belt, borrowing money and sinking (even more) cash to boost sales. Either way, it's too early to call the PS3 a sinking ship. Maybe it's a ship that has spotted an iceberg ahead and it's up to the captain and the crew to steer it to safety.
Or to sink it.