no, no, no, no.
PS2 was out for 16mo in the US, and a bit longer (about 20) in Japan before E3 2002.
Sony got word that MS was intent on reducing their then-failing Xbox (which sold 86,000 units in April of 2002, btw). They knew it'd render the Xbox in prime position, so they knee-jerked a $100 pricecut to $200, matching the Xbox's new price of $200. Although Sony announced it first @ E3, it was only because MS had already made the decision, and I do believe MS's was implemented first.
The effect: The Xbox's sales in the US increased from ~86,000 units to ~180,000 units in the next NPD cycle. The PS2 stayed steady, and continued it's dominating lead, but MS prevented a complete blowout and GC dominance by the price cut. Which as far as I know, led Nintendo to drop the GC price quicker too.
Back from the dead, I'm afraid.










