I think its almost inevitable that it will happen by this time next year. The 360 has one price drop left and only in NA. The PS3 is gaining its momentum from areas outside of NA. The PS3 is just the more highly sought after product right now, and with a price drop in any of the regions it will maintain that 50,000 per week average for the year.
Nothing can save the 360 in Europe, and dropping the price yet again would just be seen as desperation. Sure the 360 can do it in NA, but that means losing more money in a bad US economy where the dollar is already falling. On top of that after Halo, the 360 has a much smaller potential consumer base. Lets be honest, the 360 will never reach PS2 sell through levels in NA with the Wii and PS3 around. The most its going to sell even in NA is probably around 20,000,000 if that. I dont think all 20,000,000 of its potential buyers will settle for a 360 thats still $300 or more without free online access and with reliability problems. Without areas outside of UK and US really buying the 360 it only has until a PS3 price drop to compete WW.
This is of course as the situation stands right now. It will take something monumental at E3 to change this.
