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There is nothing Sony can do on price right now, so any immediate price cut is out of the question.

Immediately:
$400 model. Add LBP as pack-in. No BC.
$500 model. Add Resistance2 (or equivalent), headset and full PS2 BC.

ASAP:
Reduce price by $100 on each model. (spring/summer if possible)
Make sure the games for 2009 actually make it in 2009. (GTA5, FFXIII Japan, GoW3, etc)
Better advertising.
PS3 slim by next Christmas.
Wait out the economic crisis.