I don't want any of the 3 to bow out either. However, I would like Sony and Microsoft to be more responsible financially. The whole take-a-loss-and-make-it-back-later does not work or at best, works poorly. They don't really make a profit when they stop taking losses. Rather, they make a profit once they make up for the losses they accrued which I don't think either Microsoft or Sony has done with 360 and PS3 yet respectively. It's bad for the industry when 2 console manufacturers as well 2 of the largest publishers are losing money.
If either Microsoft or Sony were to drop out, I would expect it to be Sony. They've lost more money. If I had to pick which one I would rather see drop out, it'd still be Sony. They bring almost nothing new to the table, besides disc formats. At least Microsoft is making an effort to not just ctrl-C Nintendo's ideas. Sony either goes 3rd party or they sell their assets. If Microsoft or Nintendo went for an IP grab, we're stuck with the same scenario we have with their games today: they'd be exclusive to 1 console. Imagine if Nintendo bought Sony's gaming assets (IPs, not technology) to be their Western/mature presence. That's the pipe dream of all pipe dreams especially considering Nintendo wouldn't even buy Sega when they were on firesale, but it's fun to think about. Ultimately, as long as there's at least 2 hardware manufacturers in the game to keep the other from becoming stagnant and/or arrogant, the industry should be fine. I just always hope 1 of them is Nintendo. It would be a sad day when the oldest of the 3 had to drop out because the industry was no longer sustainable.