Even though an Xbox 360 price drop is rumored to be imminent, no matching price drop is currently being planned by Sony. Despite sales for the PS3 still remaining weak compared to the Wii and 360, Sony is staying the course and has commented that they will not reduce pricing on their console.
According to Sony, the game and console sales for the PS3 are nearing profitability, so long as sales don't take a hit due to Microsoft's actions, a price cut is not needed in their books.