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Etech7 said:
I think there won't be a price cut until either PS3 starts catching up in sales or PS3 gets a huge price cut.

Right.  It won't be until Sony drops the price of the PS3 that Microsoft does the same for the 360.  The 360 will always be cheaper than the PS3 and, as the two systems will continue having the essentially the same software save for 1st/2nd party exclusives, the PS3 will never catch up to the 360 - Microsoft will always be one step ahead for the rest of the gen.