Is such a turnaround possible in the time frame Reeves suggests? A quick look at VGChartz (graph shown above) does show Microsoft's European sales lead on the PS3 recently getting cut in half, from roughly 1.8 million units in July '07 to only 0.9 million units in January '08. The narrowing came almost entirely during the highly competitive holiday season, though -- since then, PS3 and 360 sales have run roughly parallel.
Of course, the whole Sony/Microsoft battle might be meaningless, considering the Wii utterly dominated European sales through the 2007 holiday season. Then again, we suppose there's some pride in battling for the silver. Just ask Mitt Romney after the Iowa caucuses.