For most people, its is either Xbox360 or PS3, not both.  Price is obviously the number one factor when it comes to deciding purchasing almost anything and video games are no different.  PS3 seems to be losing the battle in both the content and price tag wars and Sony is out to remedy this anyway they can.  Gamedaily reports that a recent interview with Sony Chairman Sir Howard Stringer suggests that a price drop is imminent if not definite.  An excerpt from a Financial Times interview states that:

“Nintendo Wii has been a successful enterprise, and a very good business model, compared with ours . . . because it’s cheaper,” he acknowledged in the video interview. “That [price cuts] is what we are studying at the moment. That’s what we are trying to refine.” 

Most analysts seem to think that Sony will “refine” the PS3 price by $100 before the end of this calendar year. Some believe the price cut could come as early as this summer, while others have speculated that it would precede the release of the highly anticipated GTA IV this October.  When asked if Sony would come up with an answer by Christmas, Stringer responded, “Yes, of course.”

Although this offers no relief at the moment, you can expect the pricing wars to heat up this fall when a lot of the killer aps are expected to hit the shelves.