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The only reason I can see the 360 not getting a price cut this year is because it's doing excellent in certain countries where it doesn't need a price cut, and everywhere else a price cut would do little to change its current level of sales.

At this point, a price cut could very well lose them money overall.

But at the same time, I cannot see Sony cutting price while Microsoft does not.

As for what Sony could do, I see them either dropping to $249 this year, then $199 next year, or dropping straight to $199 this year, then riding that price until PS4 launches. I think the mere fact that it's been five years and the console still isn't $199 is motive enough to do the latter.