According to a company briefing, or at least what appears to be a company briefing, Sony will be making significant price cuts to the PlayStation 3 sometime early next year--most likely in March.
Supposedly, the European president of Sony, David Reeves informed his staff that they wanted to become more competitive in pricing in March of next year. This seems to coincide with the launch of Killzone 2. So in an effort to push sales of the game, a price drop on the console makes perfect sense.
We don't know just how much of a price cut we're talking, and it's still unclear as to whether or not the cut would apply to just the UK or to the US and Japan as well. At the moment, a Sony spokesperson neither confirmed or denied the rumor and merely noted that information in meetings isn't set in stone.