Not all games are like Red Steel 2. Just look at Nintendo's titles. Twilight Princess still MSRPs for $49.99 in the US.
Granted, Nintendo's titles are on an extreme end of a rather wide spectrum, but Red Steel 2 is on the opposite extreme, given its weak sales. Most games don't drop in price for at least 4-6 months after release (in the US), and some publishers (Nintendo, Sony, Activision) keep their games full price for a year or more.
I'm still kicking myself over Yoshi's Island DS. I wanted it at a time when I couldn't afford it, so I figured I'd wait for a price drop. It ended up being discontinued without any change in price by Nintendo, and now it costs 2x as much as it did before!







