Sony just isn't in the financial position to make the device extremely unprofitable when at most that will marginally improve sales. America had $200 vita bundles that included a free game and memory card, and vita sales still remained terrible, just slightly less terrible. Price isn't the main reason the vita isn't selling. (Assuming reasonable pricecuts)
Price isn't the problem at this point. The product is. The device isn't geared towards the mass market so even giving it a mass market price won't help too much. Their big chance at making it a mass market product was Black Ops Declassified. They should have absolutely made sure to work with activision to make a quality game. Sure it ended up being the best selling vita game in America, but now they have completely killed the CoD brand for the vita.
All they can do now is keep the price the same. Just because something doesn't sell great doesn't mean it can't be profitable. Just focus on keeping the Vita profitable. Don't rush out any first party games. Have strict quality control. Wait until someone managed to develop a game that makes the vita a must own for many. Then consider lowering the price. And if the vita never gets that killer app, well at least sony minimized their losses.
