For all those hoping for a PS3 price drop, you'll have to be hoping for quite a big longer. Despite rumors of a cut in retail pricing for the $500-600 unit, in an interview with Phil Harrison of Sony, they made it clear that is not the case. Instead, he clarified the difference between a cost reduction and a price drop. Sony is still losing money on the console, and as such have no plans to make it cheaper for the consumer:

PH: Well, do you know what he said was, cost reduction, not price drop, and there's a big difference between cost reduction and price drop. So, that I believe is where the confusion came from. Obviously, we are investing our money in making PlayStation 3s cheaper to manufacture -- that's part of our business plan.
The interview also went into future plans for the console, such as with games being released solely by download directly onto the unit, their competition with Microsoft and more. It's short, but well worth the read.