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Well it used to be like this:

2007 PS3 sees a price-cut --> outsells Xbox 360
2008 Xbox 360 sees a price-cut --> outsells PS3
2009 PS3 sees a price-cut  (and slim) --> outsells Xbox 360
2010 Xbox 360 gets a slim --> outsells the PS3

So MS still need to cut the price first to keep on playing tit-for-tat.

In 2011 both will see a price-cut IMO.

PS3: 250 USD standalone / 299 USD with Move
Xbox 360: 299 USD with 250 GB and Kinect / 199 4GB with Kinect / 149 USD 4GB (as long as supply lasts) / 199 USD 250GB (as long as supply lasts)



Imagine not having GamePass on your console...