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The PS3 will see a drop in price. It happens to every console. I sincerely doubt we'll see a price drop before a minimum of one year. That's bare minimum, and very optimistic. Two years is more reasonable.
I'm also severely skeptical that the PS3 will have a life span longer than previous consoles. Second-guessing technology almost never succeeds. In 4-5 years when we see consoles with graphics on par or better than the PS3's, with standard controllers like the Wii's, and a price point significantly lower, Sony won't sit content with the belief that the market will stay with the PS3.
HD is here to stay until technology produces something better and the industry is willing to adopt a new standard in television formats. Better quality is never a gimmick unless it exceeds our ability to percieve the difference, and all HD is, is higher visual quality.
On the other hand, most people do not have HD television sets and will not for at least another year or three. This means most people will not get the full benefit of HD graphics, or at worst will find themselves unable to read menues and text which was designed for an HD television. In this respect, the hype around HD is very much a gimmick. People who will not own an HD set for years will still buy a 360 or a PS3 based on the hype of their HD visuals.
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