Just equity alone (market cap) is 208 billion for Microsoft and 20 billion for Sony. IMO the hacking community will prevail. It is hard for a bureaucratic company to keep pace with the ingenuity of so many hackers that are all looking at the problem from a different point of view.
It is definitely not a waste of money. I for one have waited until this very moment to get a PS3. I cannot condone piracy but, imagine the thousands of dollars one could save on games that will play on firmware 3.41... Also, once devs have a way in it's over for Sony. Look at the battle of Microsoft and the hackers. They have 10 times the resources that Sony has.