Uhh...making a loss on console sales has always been the industry way. The idea being you sell the console at a reasonable price, take a hit on the manufacturing costs, and then recoup that through games and accessories sales. It's the disposable razor/razor-blade theory; or the inkjet printer one.
The Wii is the exception, as it is sold
at a profit. The 360 now just makes a
small profit (I believe) due to different manufacturing techniques and components becoming cheaper. Sony is
almost at breakeven, also due to manufacturing techniques and components (note it cost sony $850 to make each ps3 at launch).
Don't hold Sony up on a pedestal just because they sell the PS3 at a loss; it's what all the manufacturers do.