Microsoft's recent Xbox 360 price cut was staged over several different regions, and wasn't originally planned to occur within Europe. They backpedaled on that plan and decided for a Europe price cut, twice in fact, and that was probably a good decision on their part. Both in the U.S. and Japan, Microsoft saw a massive boost in 360 sales, with some regions more than doubling and others more than quadrupling.
Did the price cut have the same effect in Europe and the U.K.? It absolutely did - just not to the same extreme it did elsewhere. Following the cut, sales for the 360 rose 32% in the U.K., with the apparent added side effect of cutting into PS3 sales. The competing console lost sales during the same period tracked, shortly after the price cut.
The increase was nowhere near what was seen elsewhere, but the results are clear across the board - people wanted the 360, they just felt the price was too high.