It's wayyyyyyyyy overdue. At the most, it should be:

PS3 - $149/EU149/JPY14999

X360 - $129/EU129

And ideally, we would have PS3 for $129, and X360 for $99 right now.

Yet, the cheapest consoles in the US are (from gamestop's site):

PS3 - 12GB Disney's Infinity Bundle for $199

360 - 4GB Peggle 2 bundle for $179

360 will be 10 years this Nov and PS3 9 years. Sony is finally making a good profit on their games division now and MS always makes overall huge profits. The fact that both companies are bundling a 3rd party game with their cheap SKU offerings suggests to me that they are profitable on the HW.

MS might have cut the price, but they had to be aggressive on the Xbone (they cut $150 in one year), so I can see why they wouldn't cut anything on the 360. This year, I expect the Xbone to go to $299. MS can definitely afford a price cut on both, but will they want to?

Sony was probably waiting to get into a better financial position before cutting prices. The big question, though is that I think Sony will probably cut the price of the PS4 too (and be aggressive about it, i.e. I think they'll do $100 price drop there). Not sure they can afford a big price drop on both, unless they at least break even on the HW.

If that happeans then I would officialy know that Sony have lost their minds.

OT: Yes, I think we will see a price cut this year and the reduced price will be close to what you suggested.

A price cut will definitively hinder Wii U sales

I don't think they care anymore about increasing numbers of ps3 and xbox360 sales so they will only focus on profits

It really depends on how much the consoles cost to make. I'd imagine the PS3 still has quite a bit of cost to manufacture which is why the console is still relatively high. Still the sales for both systems seem decent, so I think both will hold off a bit.

I'm not sure why Sony would do a $100 price cut on the PS4... Seems like a poor business decision if they do. I don't even think they need a price cut this year for PS4. I'd expect them to do a variety of bundles though towards the holidays.

I think the reason Sony would do a $100 price cut on PS4 is because I believe the MS will be aggressive with the XBone, maybe $299 with 2 free games this holiday season. On top of that, Sony wants to replicate the PS2's success and they were aggressive with the price cuts of the PS2. It's just a guess on my part, but an educated one.

In ireland second hand ps3's are being sold in Gamestop for 220 euro. That is really high.

why?  they usually cut price by $100 approaching the third year.  At least I'm pretty sure they did with ps2 and that was dominating.  Like everyone says with ms cutting price it's for software and subs later

A couple of things have changed since then though. For one Sony isn't in such a good financial position as it was back then. Secondly this generation will probably follow in the steps of the PS3 in terms of price which will mean profit over sales.

a 150 PS3 would be so awesome, but yeah very unlikely...