Sony cut the price on the PS3 by $150 Canadian today to set the price at around $550.  Online site Futureshop already has the new pricing reflected while Bestbuy still shows the older price.  The new price cut comes as sales of the next-gen console have been poor.  Sony is hoping to double their monthly sales numbers as a result of the price cut.  The price cut should help to promote sales but it is very likely that a price cut by Microsoft will take away some of its thunder.  There is some speculation that the Microsoft price cut on its 360 will come before the end of the week.  If that is the case, Microsoft will probably continue to dominate the sales.  The announcement last week about three year waranty and then a price cut will surely allow them to increase sales.