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It's more a question of, who will announce the loss they're going to take? rather than price, because both systems can't be less than $400 but $400 is a suicidal price to launch at.

Sony really really doesn't want to lose money per unit (no PSV price drops despite worst sales situation imaginable) and seems to be further ahead in schedule than Microsoft. So I think they'll announce first, at E3, $400.

Then MS will follow up a month after E3 with $350.