Since Sunday, Sony has been amidst its biggest PlayStation crisis to date. PS3s worldwide abruptly stopped working, with an error code, 800 1050 F appearing on screen when certain games are inserted into the console, rendering it inactive.

The problem is indeed a big one but according to Wedbush Morgan Securities analyst, Michael Pachter, Sony’s woes are nothing compared to the Xbox 360’s Red Red Of Death which Microsoft seemed to have weathered.

Pachter also said it could take up to a week to completed solve the issues plaguing the PlayStation Network.

“If they fix it within a week, nobody’s going to really care,” Pachter told CNBC. “The people that are affected are going to be pissed and Sony will send them a code for [a free game] and an apology and that’ll be it. … If it drags on past Friday, though, I think they’ll have a problem. And if it’s a hardware issue, then it’s a serious problem. … This pales in comparison to the red ring issue the 360 had, though, and Microsoft seems to have weathered that fine.”

Interesting, Sony said the problems should be fixed soon, it was believed that by this past morning, the issues should have been in the history, now rumors claim it’ll be over in the next few hours. But will gamers be able to hold out for a week? Probably, but I think Pachter is right this time, more than a week would spell only trouble for Sony.

We’ll keep you updated, stay connected.