I don't see a reason to drop the price of the PS4 until after shortages are no longer a possible issue. I do agree it needs a big price cut with how long it has been. Sony has been riding the profits.
Plus seeing it drop below XB360 in the U.S. is another sign it's time for a cut. Little reason to purposely lose momentum if they want to continue pushing PS4 as well as PS5, eventually.
I'm thinking we'll see them cut price at the same time they announce PS5 price.
PS5: $499 "incredible value for our powerful next gen console that will offer a great future, but we will continue to support our customers on PS4 and offer an alternative so that every customer finds a place on our platform."
PS4 pro: $299
Not a terrible idea if PS5 isn't priced all that high because then you could potentially get some consumers to go straight to a PS5. If PS5 is going to be $499 though, then they should drop PS4 pricing sooner than later and keep the momentum going. Few people who are waiting for a $199 PS4 are going to be upsold to a $499 PS5. $399 would bring some more in, but that's still $200 more than PS4 would be, and you have to ask why didn't they get a Pro then? Have they really been waiting for PS5 all this time?
I tend to think Pro should be dropped entirely, but if PS5 is $499, and Lockhart comes in considerably less, without a new PS Lockhart, keeping Pro around would make sense to some degree.