Yup, it seems about that time. Let's hope Sony learned their painful, multi-billion dollar lesson from the PS3 and refrains from releasing yet another overpriced supercomputer. Of course, given the Vita, that seems unlikely.
I've come to appreciate the PS3 with time. Blu-Ray, laptop HD upgrades, bluetooth, free internet services, etc. I bet over time people paid as much for that 360 as the PS3 though I understand the initial sticker shock. Mind you I bought a slim so my perspective probably isn't the same as those first buyers.
Timing is everything so it will be interesting to see. Sega made a big mistake dropping the Saturn early and then the really nice Dreamcast came out before the PS2 and X-Box. They need to be careful not to have a 360 successor release later with more horsepower and bury their lead.