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They could go about it two ways:

1) $50 price cut between April-May plus add more value to the system. Bundle a game with the 80GB PS3 for $349.99, and keep the 160GB Uncharted bundle for $449.99 which could be later replaced for (probably) a GOW3 160GB bundle for that same price. No further cuts until late October, when they should slash $50 off the price again, and bundle a blockbuster Blu-ray movie with the $300 SKU and a Greatest Hits game with the $400 SKU.

2) Just as they start producing the next batch of PS3 with the reduced chipset inside, cut $100 off all SKUs, probably by the end of summer. Until then keep the current price and SKUs, but hopefully release a 160GB bundle with an exclusive new game and after the price cut around september release a bundle with a mega-hit  (ie. GOW3, GT5).