It's possible of course.
I believe Sony will watch October and see how 360 fares after the price cuts, if it rises but not enough to trouble them they will likely stay firm on price and look to market that 360 is running out of steam due to muted response to very low price.
If 360 starts going gangbusters then they will of course consider (probably reluctantly) a price cut in time for holidays to prevent 360 pulling away again, particularly as they gap as been closing nicely for Sony for most of this year.
I'd say on current sales that their is probably more demand for a lower price PS3 than a lower price 360 - i.e if PS3 is beating 360 WW each week with a higher price it is almost certain there is more underlying demand for the console.
Personally if I was Sony I'd commit to a small price cut in time for the holidays, I think even a modest cut would drive a good rise in average weekly WW sales for PS3.
Try to be reasonable... its easier than you think...
