I think a solid price cut would help the PS3 boost sales. Just look at europe, the PS3 has been big here, but with the price cuts and great deals microsoft presented last year gave the 360 a solid boost, I even bought a 360 myself, and I loved the first two playstations, but the price of ps3 is too steep for my pockets.
it's hard to tell what happens in the future though. I think the 360 will keep on having steady sales and the PS3 too I guess, but a price drop would really help it further as that seems to be a big reason why former sony fans are turning to other consoles.