Well,
I don't know that Sony has a whole lot of say in the matter.
That, and the only reason Microsoft is making it so public is because they are trying very hard to avoid an anti-trust situation.
Sony firing back like this makes it more likely than not that the deal gets hung up in some sort of litigation somewhere - which definitely plays to Sony's advantage. But if it does end up in the court that has very little to do with anything Sony does.
But I think if Call of Duty went away, Sony wouldn't be terribly hurt - CoD sells units, but it's no where near the numbers of some other big titles. It would very likely bite Microsoft in the *** - CoD for the past few iterations sells more on Playstation than it does any other platform.