It appears that there won't indeed be a price cut for the 360 in the near future, but MS has announced a new Halo-based model at E3. Sure, it'll make the fanboys all giddy, but I think a price cut would've been a bit better received. Wii anyone?

"Unfortunately, for those hoping that the analyst’s prophecy would turn out to be true, Microsoft did nothing to the price of its latest consoles. This effectively puts the 60GB PlayStation 3 console, along with its Blu-ray Disc playing capabilities, $20 apart from the HDMI-capable Xbox 360 Elite."