Hindsight is pointless. I don't care if they weren't profitable for the past few years. I don't care if the PS3 started out rocky. Sony shouldn't care either because they can't change it.
Challenging the Wii is also impossible at this point, so that shouldn't be a concern of theirs either.
What they are doing is continuing to carve out market share from Microsoft. This is where their decisions early in the generation can start to pay off. The 360 is looking stale but the PS3 still continues to look like cutting edge tech to the average consumer. They have positioned the platform in a place where they will have the opportunity to go for market leadership again in the next gen.
In short, they have done everything I think they can do to right the ship, and that is why they should be thrilled.
All of you that rant about how the PS3 is a failure should really look in the mirror at yourself as a Nintendo fan. The GameCube did the exact opposite. Started out really well, ended like hell. Yet somehow that was OK. Same could be said for the N64. What Sony has done over the last two years should be greatly respected. They have brought extremely important, high budget games to the forefront (I.E. Uncharted Series, Little Big Planet). They have done amazing things for the small scale / indie scene on PSN (I.E. PixelJunk series, Flower, etc.).
At this point in my career as a gamer I'm really starting to understand the importance of all the players when it comes to pushing the industry forward. We shouldn't be afraid to respect and enjoy each company's victories.