It would be stupid at this point if microsoft cut the price by that much. Holding off on the price cuts is the best thing they could possibly do atm for a number of reasons.
1. They need profitability, They've made money in the last 3 quarters, a cut like this would wipe that all out.
2: Sales are pretty good anyway
3: They're displaying year on year growth
4: The only area that needed a cut was Europe. Since the cut the 360 has been selling on average a lot more.
5: They still have a massive lead over sony and they're never going to catch the wii so they might aswell milk it for as long as humanly possible.