How is the XB1 or Wii U keeping them in check now? How will they keep Sony in check if Sony has even a 2:1 lead in Europe and Asia? They're bad hardware with bad business models and deserve to fail, otherwise you aren't creating a strong competitor, you're propping up a scarecrow and devaluing good customer service.
The competitive stage between Sony, MS, and Nintendo has already come to an end. That occurs in hardware design, launch price, and early generation software investment. Those are fixed now. Sony will hold off on a price cut for the PS4 until it's profitable no matter what. They won't stall hardware price reduction significantly to increase hardware profits because per-user software sales are far more profitable for them than anything they'll squeeze out of hardware. Throughout the PS1 and PS2 generation Sony never dicked with 3rd party royalty pricing and instead actively encouraged a reduced MSRP for mid-tier titles on PS2 of $40.
The ideal state for the video game industry would be a unified format a la Blu-Ray and DVD. Sony, as a member of both consortium, is clearly the most willing to take the industry in that direction if given the market muscle to do so. In the absence of that though the ideal model for the console industry would be a revolving door of market dominating first parties. Fracturing the market throughout an entire generation significantly hurts 3rd party profit margins, resulting in higher MSRP and the validation of monetizing customers post-sale (DLC, mirotransactions, season pass, etc.)
This all ignores Sony's current marketing stance on the PS4 as well, which is clearly a departure from industry norms. Self publishing on SEN, PC based architecture with reduced dev kit pricing, etc. are all signs that Sony's goal isn't to have an iron fist over the industry a la NES/SNES era Nintendo but instead to push towards a service comparable to Steam but available across multiple platforms. That while providing strong selling first party content.
In all reality what that likely means is Sony and Valve coming into conflict in the next "generation", which will be a generation of primarily streamed content. It will likely also see the first serious entry into that market by Apple and/or Google and/or Amazon. It would be far better for the core gamer to have a financially stable Sony in that battle, versus a bunch of services companies with little game experience versus Valve as the only core gamer servicing enterprise in the group.