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The problem is the PS3 is 2 price drops (at least) away from matching the lowest 360 price, and the odds are MS will counter any price cut with one of their own (either cutting price, or adding value).

The industry has long considered $199 the "sweet spot" when it comes to price, which is likely one of the reasons the 360 has benefitted more from this cut than the last one. I don't see any way for the PS3 to reach that point before 2010.