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No not really, Its the fastest selling system in the world right now.
disagrees for stating they do not have to drop the price right now? interesting
It wouldn't be unprecedented. Sony cut the PS1's price from $299 to $199 at a time when demand was still high at $299. This move effectively killed the Saturn. Even though Sega matched the price drop, Saturn hardware was more expensive to manufacture, and therefore the price drop hurt Sega a lot more than it hurt Sony.
It also propelled PS1 well ahead of N64, as the two were pretty close in sales while PS1 was $299 and N64 was $249.
I don't think anything like the PS1 era will happen today because the three competitors are much different. Back then, Nintendo was trying to compete with expensive cartridges in the CD era, and Sega was coming off of a lot of bad public opinion after the failed Genesis add-ons.
A $299 price would slaughter the Xbox One
Sony will cut the price when they launch the PS4 slim.
I don't think Sony or Microsoft will drop the price of their consoles permanently but I have a pretty good feeling that we will see some very competitive pricing and bundles around the holidays (captain obvious) It's going to be a great time. I'm almost tempted to pick up a second PS4 because of that white Destiny bundle.