Not if people are still buying at $399. If the console is still yet Sony drop they price, they're just throwing away $100 profit on every box! The price-drop is only needed when interest starts to wane and you want to reach a new, more price-conscious (cheap ass) demographic.
At launch and $399, Sony appealed to Innovators who wanted the tech regardless of software. Q4 2014, $399 can hold significant value for Early Adopters if the software is there to justify the purchase. Ergo, a price drop isn't a foregone conclusion. PS2 maintained launch price for 18 months and two holiday seasons, for example, because demand was there.