Title says it all really. The dirty truth, hidden beneath the reports of record revenue.

So far, in 2012 the Xbox 360 has shipped 2.5 Million units. This is the lowest first half of a Year total since 2007, where the 360 shipped only 1.2 Million units following the giant overshipping during the Holidays of 2006.
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Q3 - 1.4 Million 

This was the lowest Q3 for the 360 since the 07/08 FY.

Q4 - 1.1 Million

This was the lowest Q4 for the 360 since the 06/07 FY.
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To show that it's not all bad... Q2 (Holiday Q) was the biggest Xbox Quarter ever. 8.2 Million 360's shipped. The drops following that are alarming though. Surely Microsoft can't be relying on a $99 Subscription model for the Year. Surely. What more can they do this Year? Giant pricecuts are certainly needed.

Another look to the future - What can we expect from the next Quarter?

The lowest Q1 for the 360 is 1 Million, back in 2006. This was actually the first Q1 for the 360. There is nothing really huge releasing between now and October 1st, so we could be again looking at another Quarter that's the lowest since 2006.
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Tldr :

Worst FYQ3 since 07/08. Worst FYQ4 since 06/07. Worst 6 Month for in hardware in 5 years. Will Microsoft do something, or will they do a Wii?

Sound like a fun time for a much needed price cut. Still doing good for a nearly 7 old console.

Everybody knows we need a price cut since the NPD report of last December

A pricecut is needed. Yeah. That much is clear.

With the $99 Sub model and $400 Halo 360 though, it's not looking like a cut is coming any time soon.

With a Slim, Pricecut PS3 and next gen tech with Wii U, they have to do something or this Holiday could be terrible for the 360.

I wonder why MS doesn't cut xbox 360's price. I mean they must be making a killing of it as it is.

but, at least according to vgchartz numbers, microsoft greatly overshipped last year, so it makes sense that shipments for this year are very low. Sales are just a tad lower than 2008/2009 sales, and higher than 2006/2007 sales during July. While a pricecut would obviously help sales. I don't think its nessessary until the holidays. A temporary pricecut on black friday again, will have a much bigger impact than say a $50 pricecut now, because people will think they are getting a rare deal, that they need to snap up right away or risk missing it. Then they can officially drop the price early next year in preperation for the nextbox launch. 

I think retailers overestimated demand last December after the record November, so there where quite a few Xboxes on shelves to sell. Hence the steep drop from record breaking to awful.

But yes, a price cut is needed. But I think MS doesn't give a shit anymore and they just want big profit margins on HW sold. They'll drastically reduce the price next year short before X720 launches.

We nearing to the end of this console generation. I feel Microsoft and Sony new consoles should announce new consoles soon. these types of sales are to be expected.

Oh my word, shipments are lower 7 years into it's life than they were 2 years in?!?!

If MS think that the console has simply shifted seasonality then I doubt they'll rush to cut price. the 360 is seven years old and over last two years Kinect plus their marketing seems to have resulted in overall decent demand on an annual basis with a heavily skewed seasonal curve around Q4.

If MS are happy with that they're not going to cut price just to try and raise demand in other quarters vs their current annual performance.

At this point it seems neither HD console is going to suddenly streak away from the other, so it's hard to see what, apart from a few thousand more units a month and lower margin overall, MS would really stand to gain when you look at the bigger picture.