Last I checked, Xbox 360 is still $300 and $400... no price drop after a year.
They're certainly in a position now that they could drop the price... especially to put more pressure on Sony, widen the gulf between 360 and PS3 prices. But will they drop the price, is the question.
Right now, with as unpopular as the PS3 is, I don't think Microsoft is in any hurry to lower their prices, and will be content with raking in a profit as long as they can. If the PS3 suddenly starts gaining in popularity over the summer or something, that's when I'd expect a 360 price drop.
PS3 on the other hand is losing money hand over fist. It took a year for the 360 to be even marginally profitable, from an initial ~$125-$150 loss per console. The PS3 is losing $250-$300 per console sold... even upwards of $400 in Japan. It will be at least a year, and probably closer to 2 years before economies of scale catch up enough that Sony can reasonably drop the price of the PS3 without cutting their own throats.
Now, if MS wants to play hardball and drop the 360 price by $100... Sony will be forced to make a choice: drop the PS3 $100 and lose $350-$400 ($500+ in Japan) per console, or keep the current price and now be $300 more expensive than the 360... making it even less attractive than it already is. Sony should be thanking all that is holy that the PS2 is still as popular as it is. It's helping to mitigate some of the massive losses they're taking on the PS3. But what happens next year when developers move onto the 360, PS3 and Wii, and leave the PS2 with no more new games on the horizon, and interest in the PS2 languishes...
I expect Nintendo will follow Microsoft with price cuts, as they've made a profit on every Wii sold (as they have with all their past consoles). I expect they will always keep the Wii cheaper than the core 360. I also wouldn't be surprised to see a $50 price drop within 6 months, just to hit that $200 sweet spot for mainstream consumers and impulse buyers.
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