Price drops are always a popular move, but Jesse Divnich, vice president of insights and analysis at market research firm EEDAR, believes that the PS3 doesn't have to do that just yet.

Although the PS3 is behind the Xbox 360 in sales, Divnich told GamesIndustry International he doesn't think it's time for Sony to do anything drastic. "I don't believe the PlayStation 3 needs a price drop at the moment. Sales have been consistent and in-line to what one would expect for a platform that continues to successfully grow its install base so late in a console cycle."

We'll have to wait and see what this holiday brings, and whether the release of the Wii U will change Sony and/or Microsoft's mind about the prices of their consoles.