Simple.
Choice 1 - Take $100 off the console price.
This means that Sony loses 1:1 the exact $100 dollars per console and there is no perceived increase of value to the consumer, in fact its a direct loss of value as the price goes down.
Choice 2 - Add in $100 worth of software to make a bundle.
The software all has different true costs. In reality they are only losing say $40 or $50 as they only lose the "cost" part of the bundle and still have a potential margin of profit when its all bundled together. On top of that, the "value" of the console is increased greatly due to the added software.
In the end the company will have a lower risk and increases its value perception among its potential consumers. Bundles are a great opportunity for a company. Especially if its a digital bundle like Nintendo is doing with the 3DS. Then the cost of the software is FAR less and the company definitely still retains a margin of profitability while increasing the perceived value.
They should only cut the price when the consumers are one price point are considered to be gone. Then you lower price to attract an entirely new set of consumers and / or do it temporarily through sales to gain market share.
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