I would argue that december numbers weren't as high as some people expected because they were front loaded in November. If, as you say, the result is due to sales expiring, then the 360
S3 ratio should have changed, with the PS3 gaining share, but that didn't happen. The ratios stayed the same at just under 2:1.
As to the discounts, both sides were playing that. One PS3 bundle in Europe included 7 games.
I would be surprised if there _is_ a price cut by May, price cutting in the slowest part of the year, when folks are recovering from the holiday overspending doesn't seem like good marketing to me. I could see a summer vacation pricecut in say June, around E3, but earlier than that would surprise me.