So, the Xbox 360 is receiving a hefty price cut across all models early next month, does Sony feel pressured to do the same?

In short, no, not yet. Speaking in a recent interview, SCEE head honco David Reeves explained that software like LittleBigPlanet will drive PS3 sales throughout the remainder of this year and that there would not be a price cut announcement:

"No. Were not going to drop the price this year."

Too bad! But then again, maybe its PR-speak for "were dropping the price in a couple months."

You cant really expect them to announce a price cut early, can you? More PlayStation 3 News...