While the PS3 celebrated its first birthday just a few weeks ago, the console’s first year in the market saw lots of failures resulting in price cuts and other competitive moves by Sony. As it stands, SCEA CEO Jack Tretton admitted the company’s mistakes, noting that the console’s first year was a “year of issues.”

He also believes that the launch was “the biggest disappointment for the last year,” but he diverts attention to the company’s old line: a 10-year lifecycle for the PS3. The console is now doing far better than it started out, outselling the Wii and competing strongly against the Xbox 360 in the past few months.