They already have, it's virtually impossible to buy a 360 and not have it bundled with some type of free game, 1600 free pts, and 3months of XBLive. At least in Canada that's the case. Bestbuy, Walmart, Futureshop, all the major retailers have these bundles at the regular price of $499.
I wonder if these bundles, being so prevalent, are a prelude to a price cut?