Next Generation offers up an exhaustive analysis of previous console generation price cuts, and concludes that
we are definitely due for some cheaper next-gen action sometime in the near future. The piece includes charts of lowering system prices, as well as a breakdown of how many consoles sold at various price tiers.
"Certainly we can use history as a guide, but there are limits to its use for prognostication. The price drops this generation may happen in ways entirely different from what has been suggested above. Maybe the $300 console this generation will be what the $200 console was last generation. Maybe Microsoft will forge ahead with its current price structure until after Halo 3 has come and gone. Maybe Sony will bless the PlayStation 3 with a 33% price drop sometime this year. And maybe Nintendo will give the Wii a small price drop by removing Wii Sports from the package. Those could happen, but don't bet on it."