Microsoft, from what I'm hearing through these forums are finally making money of hardware, have seen their first quarter of profit and are finally beginning to show stockholders that this may have been a wise move getting in. Dropping the price now, with no discernible knowledge that it would boost sales enough to warrant said price drop is not wise. As a consumer, I know we all want those massive cuts like Sony has been making, but Sony was in dire need of those cuts since day one, and launched them the moment each one wouldn't lead them to financial ruin.
We all know Microsoft came in to disrupt Sony and they have done an amazing job of it. Sony tried to play the "bigger is better" game with Microsoft regarding specs and payed dearly, in the exact same way Sega payed for it with the Saturn. Developers don't want to learn new architecture if the tried and true is sitting right in front of them on the next guy's machine. They stole a laundry list worth of Sony third party exclusives, that helped push the PSOne and PS2 into the stratosphere(and some that didn't):
Grand Theft Auto, Devil May Cry, Katamari Damacy, Ace Combat, Resident Evil, Virtua Fighter, Soul Calibur, Armored Core, Bully, Culdcept, Dynasty Warriors, Final Fantasy XI, Guitar Hero, Kengo, Tales of..., Sylpheed, Spectral Force and Silent Hill(Not every game on this list is meant to be an important one, so don't complain)(Bolded are a big deal to have lost exclusivity on)
Microsoft came in to do a job which was to disrupt Sony, which worked, and are finally turning a small profit on a very costly investment themselves.
I think both spokespersons for Sony and Microsoft wee correct with the timeframe they'll pass 360 in both regions they spoke of.