Europe/Others: it might be a good idea to do a price cut soon. I'd look at PS3 sales in the next few weeks before making such a decision though. If the spike dies or Sony's decision of killing the 60 GB model turns out to be a big failure, they might not need a price cut to win (or at least not lose by a significant margin) the holiday war in Europe. Remember that this is the PS3's first holiday in Europe, so there are a lot of unknowns here for now.
Japan: They just did a price cut there, so there should be no price cuts until next year.
In general: They should do the minimum amount of price cutting, except as necessary to keep increasing the gap between the 360 and the PS3.
My Mario Kart Wii friend code: 2707-1866-0957