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Sony denied a price cut all last September and October and then put one in place in November.

Whatever a console vendor says about a price cut should be ignored as it is a PR ploy to ensure that the current sales don't slump.

I would think Sony will play this by ear based on sales. If they were to fall into a distant third they would have no choice but to cut price. But, that is unlikely as they have momentum in Europe, are far ahead of 360 in Japan, and are keeping up with 360 in North America.