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chriscox1121 said:
The earliest well see a price drop is when the next console launches, but I don't expect one this year

Nintendo is going to be forced to drop this year whether they want to or not. Either that or sales are going to get into downright embarassment territory. 

PS3/360 are likely due for a price drop this year too, if PS3/360 are $150-$200, no one is buying a Wii U at $300-$350. Game over. 

The situation in North America doesn't look great, but it seems the situation in Europe is already far worse, so there's that too.