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I think that a price cut will help sales of both consoles, but at the same time i think it probably won`t be as effective as it could have been in the past.
6/7 years on the market, no matter the tag price, is still a lot of time. Who`s still waiting by now for a price cut to 199/149 or even 99? Some, yes, but how many? A lot of people probably got tired of waiting and just ended up paying a higher price today than they would have done last generation at the same period of time.
At this time, i`m not sure that price cuts will be as affective as they were in other years. Not to mention that if prices remain this high when Wii U arives, gamers might see an advantage in investing more now in a Wii U for just more 100/150 dollars/euros, than let`s say, if the consoles were already at 99/149, which would make the investment bigger and less affordable and something for future years.