One thing to keep in mind regarding a price cut is how long retailers will put up with these sales. I don't think this is a pressing issue in Japan or the US, but it is probably an issue in Europe. Even now, 2 weeks after the holidays it is selling incredibly low numbers. The average retailer in the UK probably isn't even selling one each day. Supermarkets in the UK already aren't stocking it and dedicated game retailers seem to be going extinct there. It wouldn't surprise me if some stores haven't sold their launch shipment, at least for the basics.
The big upcoming games, Pikmin and Lego City, have historically done significantly worse in Europe than in the US (and Japan for Pikmin). So unless something unforseen happens, it seems unlikely that the Wii U will improve in Europe until late this year. Will retailers be amenable to this situation continuing for another ~8 months? Now I'm not saying it will disappear from Europe entirely, but unless Nintendo does something soon, I could see it having limited retail availability compared to the PS3 and 360.
Now is an immediate price cut the answer? I don't know, but Nintendo needs to do something to keep the Wii U relevant in Europe.
I feel like I might be a bit too dramatic, but even the Vita didn't see lower sales in Europe until its 27th week, and that was in mid August. (The week of Aug 25th 2012 was down 44% from Jan 14th 2012 across all hardware).
With that said, it's a bit strange how a couple weeks ago some were still arguing that the Wii U was selling out, and now we're discussing the necessity of an emergency price cut.
