In all honesty, I think a Ps3 price drop could possibly occur this year what with the dropping of the Emotion Engine, Reduced Blu-Ray costs, of course, thats only seculation based on the possiblity of stand-alone Blu-Ray players dropping to 300USD by the end of the year, and the switch to a 65nm Cell.( well, IBM started production near the end of March according to PS3 Fanboy I believe, so it might take awhile to fully switch over or whatever).
Its definitely needed, but they very well could be waiting to make a profit or the Xbox 360 to drop in price, what ever comes first...of course if we have many more sales figures like February this year their priorities might change.