There was speculation from analysts, media members and desk jockeys that Microsoft would announce a price cut at their E3 press event last night to combat the PS3 drop announced recently. It never materialized. I don't find this to surprising, as Microsoft just announced they will take a $1 billion Warranty charge for all the Xbox 360's experiencing the three red-lights-of-death. And quite frankly, why should they? The PS3 price drop strategy with the additional 80 Gig SKU appears to be made more out of desperation than anything. All three 360 models are still below the 80 Gig, and the Pro and Core models are below or at the 60 Gig. My guess is around the time a certain monster game is about to hit this fall (and right before the holiday selling season), the 360 will get it's price drop.
EDIT: A Bloomberg interview
with Shane Kim (Microsoft V.P. of Microsoft Game Studios) states Kim said their will be a price cut in the future, but will not be announced at the E3 conference.