X1 is not the PS3, stop thinking it can ever pull what the PS3 did. It lacks the brand power and world wide sales to do similar.
A cut to 299 will casue a sony reaction, there is a reason they only cut X1 price in NA and caleld it temporary. Last thing they want to do is motivate Sony into a cut of their own. World wid eits bad enough already, a PS4 cut woudl push many marlets to 10-1 sale sin PS4s favor.
Do you really think Sony could afford to get into a price war with MS given its current horrendous financial state? You are aware of this aren't you? The reason why MS took these measures is because yes they needed to become more competitive with PS4 and because they can quite comfortably afford to take these significant steps. They would have already costed and forecasted for these steps. Somehow I don't think its going to prevent their next quarterly earnings of further billions of dollars. Do you?
Xbox 360 and Xbox One