Should the Wii stick with its current price?

(Credit: Nintendo)

More rumors have been surfacing about the possibility of Xbox 360 and PlayStation 3 price drops.

According to reports, the Xbox 360 Elite might be reduced to $299 from its current price of $399. The possibility of a PlayStation 3 Slim is also causing a stir. Sony hasn't made any confirmation that it will, in fact, release the PlayStation 3 Slim, but it could help the company appeal to those who have balked at buying its expensive console.

Rumors have even surfaced that Nintendo might be planning a Wii price cut to maintain price leadership in the market.

But are any of those price cuts necessary? We need to consider each console on its own merit to determine if it's time for a price cut.

Originally posted at The Digital Home