There is no competition between the 3 anymore. Nintendo went to handheld. Xbox went hybrid. Playstation stayed on the console department.
If anything, playstation is like that grandpa of yours, that is stuck in the past, and refuse to evolve, because they value their past.
Nintendo gained 84.5m from handheld market, in just 4 years. Xbox got access to 120m steam users, and used gamepas as a leverage for the low hardware sales.
On other hand, we have playstation, who taunts about high quality games, but doesnt focus on its hardware. While this strategy is good for short term, in the long term its useless. Things evolve. We went from cartage to cd, to disc, and now digital. Now we are entering the cloud era, and VR era. It really doesn't have a solid long term future plans for their hardware. The last handle held they did, they treated it like a garbage, that doesnt exist. They shat on their psnow, And worst they made a tower for their console. At least its better than that fridge series X in my opinion.
Xbox set itself for a long term goal, which gamepass evolves, and brings huge value. 3 years ago, this service had 100+ games, but now it has 475+ games, and is getting day1 games. It sold its console, without providing any first party next gen games. Then there is their pc market. Windows store, and the 120m steam users. While windows store is inferior to steam, their recent offering for the devs might make some devs put their games on that store. Then there is their first party games, which hits steam day1. They will get gamepass+consoles+steam sales for their games. This will compensate their low hardware sales.
Nintendo were in the handle market. But not this degree. The ability to ply on the go, then switch it to your tv is a high class gaming. They can improve this formula to have a solid gaming experience on their system.
For me exclusively, the winner is VR and cloud in 5-8 years. Both offer true next gen gaming. VR is the unsung hero, which would be the king of fps games. Cloud would make gaming pretty much easier to play, once internet available in the world. Both realistically 5-8 years.