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I don't think we are ever going to see Sony actively support multiple PS4 skus this generation. Just too much hassle. So I don't think we will ever see a 1TB SKU alongside a 500GB SKU. Somewhere down the road a 750GB or even a 1TB SKU is likely to replace the 500GB and for as long as 500GB stock remains there will be multiple skus on the market but that's it.

I also believe the first official price cut Sony makes to the PS4 will be down to $299. no point dropping down to $350 when MS would just drop to $250. Dropping to $299 will force MS to match them in price, though i suspect ms will do that and throw in a game or two. No matter what though, ms knows better than to sell at the same price with the PS4.