Price cuts won't have that big of an impact this late in the gen for any console to be honest. Consoles are currently at its cheapest yet sales are down significantly.
Price cuts will simply slow down the decline in sales.
I think we will probably see the same trends for 360 and PS3, as we have been seeing, until the end of its lifetime. PS3 will continue to outsell the 360 for most of the weeks and 360 will probably outsell the PS3 during holidays. This will happen irrespective of price.
And in keeping with that, PS3 will continue to slowly increase the gap between itself and the 360 over the years.
This generation has shown this pattern now for the last 3 - 4 years. Nothing will change. The only seriously major changes we've had this gen was the PS3 slim + pricecut as well as the introduction of Kinect.
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