Although analysts say price reductions would benefit PS3 sales, Sony isn't likely to make any price cuts for at least another two years, said Kimberly Otzman, a spokeswoman for Sony Computer Entertainment America. She noted a similar time frame for lowered prices for the PS2.

"We probably expect the same for PS3," Otzman said, adding that while the console's price is higher than competitors', it comes completely packaged so consumers don't have to buy extra equipment or attachments."

Meanwhile, Sony has said it is looking into expanding into music and movie downloads via the PS3, which comes equipped with the new high-definition DVD format - called Blu-ray.

In two years, if the PS3 is still selling for $600 we could very well have the option of buying two Xbox 360 consoles for the same price. At that point, it's hard to imagine Sony selling much of anything, unless of course things improve dramatically on the game front. Even still, the Xbox 360 would offer a far more compelling buy down the track, if the PS3 price remains high.