Didn't something similar happen with the original Xbox? I thought they reduced the price by £100 not long after launch and gave some kind of refund to people who'd already bought it.
As Meggers points out the PS3 is Sony's weapon of choice in the HD format wars and they'll be happy to take big losses in the short term to make sure Blu-ray wins, and it seems like they are winning. MS took huge losses when it was establishing the Xbox and I see no reason why Sony will be any different, if the PS3 isn't selling an early price cut makes sense.
Just Wondering I This Is True And There Is A Price Drop On The Ps3 What Will Microsoft Do In Responce, As They Are Due For A Price Drop Anyway They May Just Drop It At The Same Time, Which Will Be Handy, You Cant Beat A Good Old Fashion Price War. Watch This Space.