I think that, so far, there are no indications that gamers chose PS4 overwhelmingly simply because of it's price point, there were many factors. Losing that much money won't work unless MS spectacularly misjudged the market and should have priced it lower from the start (which is possible, but it's too late).
What they're fighting against today, after all their blunders, is "Sony have won this gen". It's a steep hill to climb. Dropping the price too much would increase this perception. Good games sells consoles, price points are just incentives to tip the gamers one way or the other. Dumping is a strategy that only works with commodities, and a console isn't a commodity. Most of a gamers money goes into games and subs, the hardware itself isn't a big deal as long as the initial cost is in the right bracket.
What they're fighting against today, after all their blunders, is "Sony have won this gen". It's a steep hill to climb. Dropping the price too much would increase this perception. Good games sells consoles, price points are just incentives to tip the gamers one way or the other. Dumping is a strategy that only works with commodities, and a console isn't a commodity. Most of a gamers money goes into games and subs, the hardware itself isn't a big deal as long as the initial cost is in the right bracket.