According to MCV, a trusted source has said that both the Xbox 360 and PlayStation 3 will be seeing a price drop this year with announcements of these price drops as early as June. The source also believes that beyond the two confirmed drops, which he believes, that the Nintendo Wii may also see a price drop to combat the reduced price of the other two consoles.
The speculated price drop to the PlayStation 3 will include a new introductory level unit, somewhere between 40GB and 60GB, and will probably be priced at about $200. The 360 will most likely see a Natal bundle between $150-200 with an arcade unit standalone between $100-150.
If these rumours are true, then this is good news for everyone, not to mention being quite a deal for all systems. Although this is just a rumour, so for now we'll take these price drops with a grain of salt and see what happens when the E3 press conferences come around.