There is a rumour that the Xbox 360 is going to recieve a price cut tomorrow so how bad it will be will depend on Wii U supply and 360 pricing.

What rumour?   

http://www.gamrreview.com/news/89370/rumor-xbox-360-price-cut-at-gamestop-tomorrow/

This one.

Thx :).

we need a new gen asap.

Let's remember that it's not just the console market. American consumers are hurting hard, right now. A new generation of consoles isn't a guarantee of a sales resurrection, just look at handhelds (clearly sales will be up, but it's not gonna be a blockbuster generation).

Frankly, taking off my gamer hat, I kinda want the next generation to flop. People need to start saving more, and interest rates need to climb. This might be sucky for us gamers, but there more important things at stake.

Yup.

This is mostly due to the Wii. We can also blame Microsoft for not cutting the price on Xbox 360 in years. The only thing the PS3 is guilty of, is old age. It's natural for sales to slow down over time, Nintendo responded with Wii U, Microsoft doesn't care, Sony is trying with Super Slim.

@Kowencki
I don't think Microsoft would release the next Xbox and do a huge price cut on 360....most likely they will be making a loss with each new Xbox sold, so the Xbox 360 is what will keep them gaining profit.

One generation can only last for so long (PS2 is an exception). Wii should have been replaced last year and PS3 and Xbox 360 this year. Waiting for Wii U has taken a toll on Wii and the same will happen to the other two consoles next year aswell.
More than that, prices are still too high which might put them in a tough place when they are replaced: not too cheap (99$) to have that mass market appeal and not that cheap when compared to a, for example, 300/349$ Wii U. And this, i believe, will help the transition for Wii U but probably slow the transition to MS and Sony`s new consoles, supposing they go after the same exact market.

If prices become more widened by the time new consoles arrive, that might help widen the market and increase sales.
Maybe a price cut for both HD consoles could have helped at least sustain the fall this year.

Nintendo is doomed and dooming everybody else!