I agree with the price cut in November theory over a cut in the near future, but if I had to bet on anything, it would be no cut at all this year. MS has been saying for a while now that they would be making a profit on the 360 this fiscal year. To make sure that happens, I doubt they're gonna leave millions on the table by cutting the price of the system (and therefore cutting their profits) by $100.
My Top 5:
Shadow of the Colossus, Metal Gear Solid 3, Shenmue, Skies of Arcadia, Chrono Trigger
My 2 nex-gen systems: PS3 
and Wii 
Prediction Aug '08: We see the PSP2 released fall '09. Graphically, it's basically the same as the current system. UMD drive ditched and replaced by 4-8gb on board flash memory. Other upgrades: 2nd analog nub, touchscreen, blutooth, motion sensor. Design: Flip-style or slider. Size: Think Iphone. Cost: $199. Will be profitable on day 1.
