According to industry analyst Michael Pachter, the PlayStation 3 finally outsold the 360 in July due to a combination of the E3 price drop and the 360's warranty announcement. His final numbers for the new consoles in July had the Wii on top as usual with 330k, the PS3 in second place with 160k and the 360 last with 115k . This represents a roughly 2x increase in PS3 sales compared to the month before.
Considering the price drop wasn't even in effect the entire month, it will be interesting to see what happens with PS3 sales in August. We're also finally starting to get games, which always helps out sales as well (though the only big title, Warhawk, is coming out at the very end of August). Of course the 360's price drop also went into effect, and their big games are starting to trickle out a little earlier so it's hard to judge what will happen. Hopefully Sony can keep the momentum up!