Well, that price cut was all but confirmed today

http://www.topnewsblog.info/tblog_10369.htm

But this price cut seems be too little too late... A total of just $100 in price cuts after nearly 3 years on the market for the 360?

I don't know, Microsoft is gradually cutting the prices, while Sony went for a more aggressive pricing route, and then made a bigger price cut. I think Sony has been the winner in this sense.