I personally don't think a price cut is needed for Wii to be #1 again but I still think its time anyway.
I expect 360(maybe Kinect too) to receive a price cut around April 2011.
I expect PS3 to also get a price cut but around June 2011(E3)
I expect Wii to gets its 2nd price cut around May 2011
Yes, I think that price cuts will happen for all 3 systems around the same time in 2011.