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Yep cut everything... why not?

"We fully expect each of the three consoles to be offered at lower prices in 2011, with Sony likely leading the way as its manufacturing costs continue to decline. A $50 price cut should be sufficient to drive 5% software sales growth; and, coupled with a resurgence in handheld software sales and an easy comparison for music sales, we think that overall software sales growth could hit low double digits in 2011." - Wedbush analyst Michael Pachter

http://www.gamedaily.com/articles/news/ps3-to-cut-price-first-this-year-says-pachter/