The PS3 could be called a failed console, but no moreso than the Nintendo 64, Xbox, Gamecube, or any other machine which simply couldn't find a mass audience, or didn't have that large appeal.
Nothing about Sony's history indicates the company is prepared to abandon the PS3, or leave the machine in a worse state than Microsoft left the Xbox, or Nintendo left the Gamecube and Nintendo 64.
In fact, their continued support of the PSP despite an insurmountable DS lead combined with poor PSP software sales cements that fact.
The PS3 is one half of the high-definition generation. It has both the potential to continue failing, or to succeed at a level the Xbox 360 simply cannot worldwide. That's up to Sony and consumers.
But I think I can safely say that Sony is prepared to reward the PS3's small userbase for taking the gamble.