After Sony's $399 price tag announcement for the PS4 during this years E3, many people thought Sony would also be reducing the price of the PS3 since the next-gen consoles are not too far off. However, Sony UK MD Fergal Gara recently told GameIndustry Interantional that there are "no plans as of yet for price cut yet. The PlayStation 3 is a system where it hasn't been particularly easy to get the costs down. We continue to look at opportunities, there may or may not be any more, I genuinely can’t answer to that.
But it will certainly be a more keenly priced machine in relative to PlayStation 4. It will sit there as a viable entry level machine for years to come. It will be different by territory as to how long its life is. There’s still a lot of love for PS3."
Despite the PS4's announcement, there are still many titles due to arrive on the PS3 this year.