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The 360 will probably drop to 200/300/400 by the end of the year (I'm thinking it'll happen at E3, tbh), and the ps3 will probably drop to 350/450 in response a few months later.

 

Also, the 360's price will only come down in NA. It's price is already extremely low in both the EU and Japan.  The EU had a price drop just before GTA hit, remember.

As for the ps3's price cut, I could see it being exclusive to NA as well.