I expect the PS4 to have another price drop in March with the launch of UC4 in preparation for PSVR, they need as many PS4s out there as possible, & they need the PS4VR bundle to be as affordable as possible, with another price cut, it's theoretically possible the PS4VR bundle will retail at 499, which is a good price for the bundle.
Not so soon, a price cut will always be bounded to the availability of a new hardware revision that allows them to still be profitable (or around break even) at the new price.
We know that Sony is profitable with the current model at 349$.
It doesn't take a lot to imagine that with a new hardware revision (possibly slimlined), with tons of new games and exclusives to push, with Morpheus/VR needing a lower entry price to become successful, next year they'll finish the job started this year and they'll reach 299$.
But I'm expecting it to happen in the second half of the year.
And I'm expecting a mirrored strategy from MS as well btw (although they don't have a VR headset to promote