I think it is far too soon for Sony to make a third (second depending on how you see it) price cut. They need to start showing console profitability.
But if they did cut a week or two before GTAIV, Microsoft would have to do something very impressive very quickly, or their $50 million in exclusive DLC and $10 million in advertising is going to go down the toilet.
starcraft - Playing Games = FUN, Talking about Games = SERIOUS