PR from this announcement has probably been a little less than ideal:
Sony Unveils Smaller, More Expensive PlayStation 3
I'm not sure anyone could have predicted they would have announced a redesigned console with a higher price tag, and the only price drop of the session was for the PSP.
The primary difference here is Nintendo actually did something about sales. Sony has come across more like the Iraqi information minister, sales are fine, sales are what are expected, sales are fine... and then revises sales targets, releases more colors.
The 3DS currently is showing that there is still plenty of money to be made in the handheld market if you price the hardware right and have software to support it.