I don't know if you are specifically referencing the rebate that was posted earlier, but I did a web search on that, and it seems rather... well... shady.
Shady to the point where the rebate doesn't come from Microsoft, it comes from the retailier, and from previous claims, the retailier does just about everything it can legally do in order to avoid paying out on those people that put in claims.
So I would say that those rebates have nothing at all to do with MS, and they have everything to do with the retailer offering pie-in-the-sky prices, hoping that you won't follow the process letter by letter, and then washing their hands of claims after a set period of days if the consumer hasn't complied.
I don't think they are any reflection at all on MS.
MS will drop the price on the 360 after the Holday season is over, and probably right before the "Next Big Game" is released.
As it stands currently, I'll agree with whatever MS rep it was that was expressing his annoyance with the fact that PS3's weren't available in Europe so that consumers there couldn't see the PS3 next to the 360.
At this point, it is actually in Sony's favor to not have an availability of consoles in a number of markets, because if they did, then consumers would see that there was no difference in the quality of PS3 games compared to their 360 counterparts.
Which is something that MS definately wants to ride, and will continue to ride for the next couple of years until developers really figure out how to milk the PS3. And that really sums up the entire battle for MS, which is something that we all should have known from the start. MS provided better development tools, so that developers can get more out of their console sooner. Sony provided a more powerful console, but one that takes more effort in order to realize the benefits.
These two strategies will collide at some point, the only questions are "when?" and "By how much?"
The problem is that with the current pricing structure, the "when" for the PS3 needs to happen in the immediate future and the "how much?" needs to be significant.