Usually console's drop in price during the period of May onwards leading up to Christmas. Never directly after christmas though because the games industry still get strong sales up until March/April and for them there is no reason to shift strategy.
May to August is when the industry really goes into a lull...it's really strange because during those periods is when the consumer has alot more time to play games but they release fcuk all...
Also retailers themselves over the past year or 2 have taken it upon themselves to pass a saving down to the consumer...there was a point when MS had a rrp for the Core at £220 and retailers got together and decided £200 was what they would sell it at...eventually MS officially caved in and it was agreed.
As for MS price dropping...at this point they are in a position where-by they only need to price-drop when Sony announce something. So unless MS want to have some irate consumers in January...the 360 will remain at it's current price till atleast MGS is released for the PS3 and Sony try and do something with the price to coincide with the release of MGS and soften the impact on the wallet.
xbox 360 next price drop 
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