I've been hooked into the Pepsi challenge three times and Coke kicked ass every time. My sister-in-law likes Pepsi so we keep it on hand. I go through 20 towers of Coke for every one of Pepsi.
This "Pepsi wins" urban-myth is the logical result of advertising. People believe it even though it isn't true.
Actually it is true. Many people like Coke more for its mystic than its taste. The new Coke fiasco is a prime example. New Coke was never given a chance because so many people felt an injustice had been done by changing the taste of Coke. But in test after test, Pepsi wins the Pepsi challenge.
If you like Coke fine, but never under estimate the power of advertising to make a product more than a mere cola. Instead, Coke has come to symbolize something more like a piece of Americana itself. Every thing from labeling to the size of the font on the can is carefully examined and used to create an image for Coke and unfortunately for Pepsi, taste is not enough to unseat the king of Cola's.
Advertising works and works well.