According to the Japanese daily newspaper Yomiuri Shimbun, Sony's president Ryoji Chubachi said that Sony "doesn't rule out the possiblity of lowering the price." [of the PS3].

Sure, that's not a definitive "PS3 Price Cut", but it's much better than their confidence in their original pricing scheme.  Even after a small price cut from their original pricing announcement, it's still by far the most expensive of the next gen consoles (heck, of any consoles ever for that matter).

I'm guessing their surplus inventory is probably starting to sink in - people don't want to spend that much for a game system without a MAJOR title backing it up. There's a few really good ones, but nothing putting it in that price range.