I can see a price cut in November to coincide with the launches of 3D Mario, Mario Kart 8, the PS4 and 720.
The Wii U at the current price point should be profitable before then so they'll be able to make that price cut without a problem.
I'm expecting both the PS4 and 720 to retail for around $500, a $50 price cut would leave the Basic SKU being half the price.