Clearly PS3 got price cuts because Sony wanted to sell more PS3's. They wanted to sell more PS3's because they were not happy with the pre-price cut level of sales. So far the reason for cutting the price seems to be working. Whether and by how much PS3 is/was outselling the Wii is irrelevant.
Nintendo had to cut the price of the Wii, otherwise it would have found its sales continuing to drop. It would still have been selling good numbers relative to PS3 and 360 but not relative to it's own past performance. So far it seems like the price cut is working in that the Wii's sales levels have stopped dropping and have gone up compared to recent months.
Microsoft had to cut the price of the Elite, otherwise 360 sales would have taken a dive. It would simply be unsustainable for the Elite to be more expensive than the PS3 in its major markets. So far it seems to have worked in that 360 sales outside of the US have stabilised and in the US 360 sales have increased slightly.
I would say all three pricing strategies have achieved their minimum intended goal. Of the 3 consoles I'd say only the PS3 could be argued to have exceeded expectations. Though for some people on this site PS3 has not achieved the sales heights hoped for.
If you are expecting more from pricing adjustments than the companies were aiming for then it is your failure to comprehend each company's strategy. Not the company's failure to achieve your expectations.
“The fundamental cause of the trouble is that in the modern world the stupid are cocksure while the intelligent are full of doubt.” - Bertrand Russell
"When the power of love overcomes the love of power, the world will know peace."
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