Nintendo is off doing their own thing. The Wii U sales are picking up drastically recently (up to 800%+ in some countries) and will sell way more now as the games are being shown off/coming out, the 3DS is at 34 million units sold in a year, it's mesmerizing how much cash Nintendo is pulling in with that handheld. Nintendo is in a great position right now.
Sony in a lot of debt but making good decisions to get out of it, and they are destroying MS right now in an ugly way. MS really has no hope this gen unless they change their whole console up, they are done and Sony is directly going for their throats.
Basically put - Nintendo is off succeeding in their own way, Sony will do great this gen and MS is getting destroyed by Sony. The GIF below is pretty much exactly what's happening right now with the big 3: