Analysts suggest that this price drop may take place in light of the fact that Sony posted its first annual loss in 14 years last year (2008). This same analyst also predicted that this PS3 price cut will be followed by an Xbox 360 price cut by June. Interestingly as well, no price cut has been predicted (at least so far) for the Nintendo Wii from its current base price of US $249, unless demand for this fire-hot unit falls.
[source: Yahoo! Games]