.... and the reason isn't debt problems.
For once the PS4 selling well gave the advantage to the X1.
We previosly heard that Sony and Microsoft can only manufacture at around 1M consoles a month. Although I think it was Pachter that said it, I think it's quite reasonable.
Now we know that Sony started manufacturing before release and with almost every manufactured console sold, it sold about 4.5M by the end of 2013. If in 2014 they continued to manufacture around 1M amonth, that would bring the total of manufactured consoles to at least 16.5.
Obviously we know that Sony sold 18.5M by the end of 2014 but this indicates that production and sales are quite close. This could mean that if they did decide to drop the price, if would have no effect. Yes they would of sold a lot more consoles quicker but would of ran out pretty quickly and would end up not selling much more, not outselling the X1 and would of made less money by selling at the reduced price. This is probably why Sony calculated what deals they could do and for how long, thats why we only had the limited time bundles for a few days.
Of course the X1 selling not as well meant that it could stock up better for the holiday and for the epic price cut onslaught we saw.