MS stated before release of Xone that they are aiming at selling another 25 m of X360 consoles so there will probably be some major price cuts along the way.
How is Microsoft going to sell another 25 million Xbox 360s? Mehdi said that Microsoft will be "hitting new price points"
http://www.neowin.net/news/microsoft-wants-to-sell-another-25-million-xbox-360s