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Cutting any time soon would be utterly pointless. Unit sales wouldn't rise all that much, and the loss in profit would be devastating to Sony's bottom line. Imagine cutting $50 off...say 3 million sales between now and August/September. That would be a fall of $150 million in revenue and profit (or, possibly, a complete loss of profitability on the hardware and see losses again).

If Sony are going to cut the price, it'd be far more effective to do it much later in the year (maybe September, so 2 months before expected PS4 launch), or even wait until the Next-Xbox launch and try to disrupt that.