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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.