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If Sony announced the price cut very shortly before they dropped, my guess is the XBO would still be $350, but with a copy of Halo 5, maybe even another game thrown in. Either way, the PS4 price cut is going to have more of an effect. There will also be plenty of 3rd party games coming out around then, plus whatever Sony has to announce at E3, to help with SW presence.

If Sony does do the full $100 cut, you can bet sales will explode, as well as cut into XBO's sales. Halo or no Halo.