People, could we please stop holding this as fact until an official statement comes out? There has been a burst of rumors today all spawning from the same source. One poster had a link to an official Sony press release that outright denied this rumor's validity. Of course they will do a price cut, but as of right now, they have not officially announce when, or how much.
Now, speculating:
If the rumor holds true and the PS3 sees a $100 price cut, how will Sony do this? Take out the onboard Wi-Fi and lower the hard drive to 40GB? It's either that or Sony starts taking another $150+ loss per PS3 sold, which is not exactly a solution to their problem.