Of course Nintendo can have 1.4 million units at launch: they're using 3-year old hardware. It wouldn't surprise me if they bought their chip sets from an army surplus store. Using materials that are readily available allows you to make lots and lots of consoles.
You know what materials are not readily available? Blu-ray drives and Cell processors. Sony's manufacturing process for the PS3 is dependent not only on their ability to assemble consoles, but also on other manufacturers ability to create the parts used in the PS3. If Cell manufacturing gets slowed up, Sony's up sh*t creek without a paddle.
Does this mean Sony is not doing something as diabolical as purposely holding back production? No, Sony is a diabolical company. It is well within the realm of plausibility. I'm just tired of everyone riding Sony's ass about production shortages. When you have such a ridiculous amount of demand, it's impossible to satisfy it. Unless you make some ridiculous number of systems, let's say 10 million, which is not a fiscally feasible number, there are lots of people out there who want it and don't get it.
So you didn't get a PS3? Life sucks. Get over it.