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The console has been at a mass market price since the last cut. Add on to it that they went different routes when a pricecut really would have been a good idea. Gambles that worked out for them.

Slim with no cut.
Kinect with no cut.
Great value bundles with 2, maybe 3 games.
Mini, unofficial Holiday pricecuts.

Slim was introduced at the right time and it looks great. Kinect took the casual market by storm, just as the Wii was hitting life support. Bundles with 2, maybe 3 games give the illusion of a pricecut. Holiday cuts obviously give a big boost anyway. Add on continued support from 1st and 3rd party, it shows how popular a console can be with the right strategies.

I wonder how much money Microsoft make off a single 360.