A price cut is irrational for Nintendo. At least one this year is irrational. I think as long as the Wii hardware continues to outsell the competition or even if it doesn't if it is still competitive with X-Box 360 then I don't see a price cut coming any time soon.
What will it take to make Nintendo slash its price. It will take a drastic over throw of the Wii by the 360 or PS3. The hardware sales will have to dip pretty low for Nintendo to cut its prices. Or the next generation begins and Nintendo wants to maintain Wii sales despite the new generation.
What I find more likely is Nintendo releasing alternate colours or maybe a new model of Wii like Sony had the Slim and Nintendo in the past has made alternate models. I see Black being released here maybe as early as this fall with other colours following next year. These new colours will boost hardware sales without needing to slash profits.
When the next generation begins in 2011 I expect the Wii to be dropped to 199$, then maybe in 2012 dropped again to 150$ with a final drop to 99.99$ by the end of the next generation in 2016!
Nintendo is making a solid profit off the Wii, they won't cut the price untill it is profitable to do so, and I don't see that happening any time soon. Besides Nintendo announced at the beginning of the generation that cutting hardware prices was innefficiant and I remember them saying it was unlikely that the Wii's price would change over the generation.
With that in mind I suggest anybody waiting for a price drop , just buy a Wii a price cut isn't coming!