Talk about price drop at the console launch is weird and funny
How much time do you expect to Xbone or PS4 have the first price cut?
If Microsoft is smart, they'll drop the price before launch.
It will depend mainly on when Microsoft acts. Will they go for more than one year without a price cut, if things don't go well for them? I doubt it. But I also doubt that Sony will react immediately to Microsoft. Let's say Microsoft drops their price by $100, then Sony will likely give it a few months to see if they have to undercut Microsoft.
I'll say a price cut for X1 in fall 2014 and a price cut for the PS4 in spring or fall 2015, depending on how much sales pick up for Microsoft.