I think the reason microsoft hasn't dropped the price yet is three fold.
1: They're gunning for profitability
2: The weak US economy could be forcing them to keep the price high
3: The 360 has lots of great games coming out this year which will increase sales so there's no point in dropping the price just yet. Consider the 360 was already doing better then last year even before the release of GTA4. With Gears 2, halo wars, banjo, fable 2 etc all getting releases this year, sales will only increase further. If Microsoft was going to drop their price, they would have a long time ago.
If they do drop the price this year its probably going to be with the release of Gears or during a time when the ps3 is getting a major exclusive or something.







