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This table here shows how price cut and new devices release affected the sales and Gap of HD consoles. I didn't take the release date of 360 Slim and Kinect and Move into account since the 360 Slim was still selling at $300, no price cut there.

The Event Event Date 360 Total PS3 Totals Gap at Time
Before PS3 release November 2006 5.16 Millions
0 5.16Millions
Before 1st PS3 price cut November 2007 12.74 Millions 5.68 Millions 7.06 Millions

After PS3 price cut and

before $200  360Xbox

September 2008 20.00 Millions 14.32 Millions 5.68 Millions

After $200 360 release

and before PS3 Slim

End of August 2009 31 Millions 23.07 Millions 7.93 Millions

After PS3 360 Slim, Move

and Kinect till today

16th April 2011 53.11 Millions 49.51 Millions 3.6 Millions

 

It should be interested to see what will happen after a new price cut from those consoles.

Edit:(corrected PS3 sales in last lines thanks  Zgamer)