Yes. I think the online war will be fought based largely on economics (pricing model, buddy/family plans, reaching out to non online gamers or even casual gamers, how easy/cheap it is to get any content provider to offer a service, ...). Specific features in XBL does not and probably will not make a big difference as long as the entire package is easy to use.
The current XBL lead is tactical and operational. It is *NOT* difficult to set up an online ecology for the Playstation and Nintendo franchises. The draw is already there for years. However it is very difficult to set up one that can sustain on its own and even make as much money as possible. So I'm glad Sony and Nintendo take their time to think through.
Regarding Sony's "hard" online infrastructure, I'm guessing they will offer:
* Client-side single sign-on (as opposed to XBL's server-centric approach).
* Marketplace to simplify business-to-consumer and consumer-to-consumer trading
- CONNECT being a flagship store
- Combination of *peer-to-peer* and server-centric approaches
- Possibly support BD-J for seamless, downloadable content in the future (Unlikely at launch)
* Libraries to simplify standard online services deployment for game developers
* Options to use selected Internet services (e.g., Yahoo IM, AOL IM, GoogleTalk, ...)
- Possibly partner with google to crawl and search PS3 content on Sony-Online enabled sites, so the search result appear better on SD and HD TV sets.
* Tie in with existing Sony efforts such as PSP, LocationFree, DLNA, ...
The rest will probably be "soft" offerings including free/preview Sony content. That's a great starting point for me.
EDITED: Added more stuff to wish-list above