This thing called inflation means 99 dollars then is approaching 199 now.
The 99 console may be dead, I dont believe PS2 ever reached it, settling at 129 IIRC.
But I get what you're saying. There should be more price cuts coming eventually. At least to 149/249.
The 360 got a temporary MSRP of 179 on the 4GB model I think, and the 250GB model with two free games was/is like $249 (another temporary holiday price). They are good deals. And then there were lots of Black Friday deals etc on top of those.
Inflation is relative though, electronics generally speaking have dropped in price over past 10 years which is the norm. TVs, cameras, laptops, and so on all have gotten cheaper why should consoles be any different?