TeamXbox has an interesting article up that details the potential of what Sony could do for a gaming network to rival Xbox Live.
It's an interesting read and really shows off how much larger Sony is and how much more immediate potential they have over Microsoft.
Obviously, Microsoft is really focused around software, while Sony has dibs in the movie, music, and hardware industries. The amount of content Sony could throw into an online network is very extensive, and if they do it all it will be much more versatile than Xbox Live is right now. However almost everything Sony could throw in is something you can get elsewhere (such as surfing the web, watching movie trailers, downloading music, etc.), so even if their network will be better than Xbox Live, it wouldn't compell me to go and buy a PlayStation 3.
As I've always said, it doesn't matter who makes the console, which has superior hardware and options, or even how well it initially sells, it all comes down to the best exclusive games. If the games blow for a certain console, it will fail no matter what other bells and whistles it has.
You can check out the full article here.