Sony needs to start making some money. There won't be another price cut before holiday's this year at the earliest.
With Microsoft there are three schools of thought. They could afford to cut right now, thereby bringing the price right down ahead of the MASSIVE software blitz of the next three months. Alternatively, they could let the software sell consoles (granted, several less) and reap some extra profits for a few months, THEN cut the price in the April to September period when software releases slow. Finally, they could wait until September with Halo: Reach, assuming Sony don't kick their ass all year, have a very profitable 2009/10 financial year, and perhaps just cut early this year in Europe.
starcraft - Playing Games = FUN, Talking about Games = SERIOUS