It definitely needs to happen.
Sony needs to have a good Christmas this year and I reckon that they need to cut the UK price by up to £100 to compete. The RRP in the UK is £425 although play.com is offering them for £399, I still feel that any price over £300 is still too much money seeing as the 360 premium currently sells for £280 and could very well go down when the Elite package is released.
Maybe Sony should release the 20gb models to get the RRP down to a realistic level.
People will snap up the Wii and even the 360 in their droves unless they see a serious reduction in costs of the PS3.
You can actually buy a Wii and 360 together for less than the PS3.
Prediction (June 12th 2017)
Permanent pricedrop for both PS4 Slim and PS4 Pro in October.
PS4 Slim $249 (October 2017)
PS4 Pro $349 (October 2017)