Our economy is trouble, creditors can't reclaim on issued loans/mortgages, half of the credit market has been overtaken by the federal government causing a dramatic decline in stock and crushed everyone who held stock in long position, the real estate market is plummeting and housing is infested with foreclosures.
So unless you just lost money in a $/euro exchange, invested into a declining index or direct stock, foreclosed on a house, lost half of your earning in a divorce AND still have to pay alimonies and child support, or filed for bankruptcy, you can go and get yourself a PS3 for $399 (direct or in payments through credit). The PS3 is a luxury good and any econ noob will tell you that consumers purchase more luxuries when they have more disposable income. So if you're doing well, the price is nothing, if you're staggering because of personal financial issues, holds off any such purchases, and if you have the money and aren't affected by the economic state but are complaining about the price, you either don't want a ps3 or you're cheap.
And from another perspective, Sony is losing money per console so lowering the price would only drive them further into red with the PS3 hardware.
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