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PS3 probably won't see a price cut this year, since I think they want to make money on it at some point, and it is still doing well in Europe. Probably not until next year. Maybe they will throw together a bundle for the same price at Christmas.

The 360 is in a much better position to lower the price. I would think that they would lower the Arcade to $250, the Pro to $300, and the Elite to $400, probably for the holidays, or maybe as early as September.