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At the start of 2009 Sony said they would not drop the price to focus on profitability - we saw what happened there. Whether they'll cut again this year it's hard to say but anything Sony say is irellevent.

I'd imagine the 360 and PS3 will have small price cuts, but 'lead' with move / Natal bundles at the current price schemes. That way they get more of the motion things out there and most likely save a bit of money if they position it right.

Nintendo will follow suit if they're releasing a console in 2011, but that's purely speculative at this point.