http://kotaku.com/5147616/ps3-moving-to-smaller-cheaper-chip

"But by the middle of next year? They'll need a price cut by then, and this is probably just the thing to enable such a move."

I believe they will announce price-cut at E3 2009.

Will there be a price cut this year: yes. The real question is: when? If they don't do it around april (new fiscal year), it will be around october/november.

If they don't cut the price this year, I'll eat my own shit!

Reeves said we could see 45nm Cell during the middle of the year, not that there will be a price drop then, infact, his previous statements would seem to rule out a price cut then:

It will probably take about 8 weeks to cycle most of the stock from the old to the new, see Xbox 360 Jasper revision as an example. Im not sure whether they will cut the price and lose some money on the older units or wait until they have their cheaper PS3s in stores anyway.

If this news is true all consumers should hang on for a PS3 price cut. PS3 has gone 18 months or so without a long over due official PS3 console price cut. A few more months wait is not much time to wait for future PS3 owners.
Buying a PS3 a day or two before PS3 price cut would leave a sour taste in the mouth to that PS3 owner.
More PS3 games will be released by middle of 2009 and we would know the rest of the PS3 games lineup for 2009 and early 2010 by E3 2009.

dont wait a few months to buy a system.  maybe wait a few weeks for a big event in case of a price cut, but thats it.  buy a system when you want it and can afford it.

Sony said they would only break even on hardware in the second half of the fiscal year, if the exchange rates don't change. Breaking even + price cut = losing money again.