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Well it's already quite clear that Sony won't cut the price of the PS3 until the production costs have come down.
A pricecut before March 31st 2009 will be very surprising, seeing the focus on profitability for SCE.
Sony is finished with the losses on the PS3.

Imo this will give Microsoft the edge in the US, however outside the US it will continue as it is now, since the european pricecut on 360 didn't have that much of an impact.