Of all the ripples, rumors, and outright leaks swirling around Sony’s showing at E3, the announcement everyone was hoping for didn’t happen. For the umpteenth time in as many opportunities, Sony’s talked about the PS3 without using those two magic words: price cut. Ever since Microsoft dropped prices on the three versions of the Xbox 360 almost a year ago (bringing their hard drive-less Arcade unit to the magic $199 price point), cash-strapped gamers have held their breaths in anticipation that Sony would follow suit. So far, no luck. At twice the price of Microsoft’s entry-level unit, the $399 PS3 consistently brings up the rear in monthly hardware sales (Nintendo’s Wii, meanwhile, sells its normal bajillion units). With a solid stable of great games in 2009, it seems like the only thing keeping gamers from adding Sony’s black box to their sagging entertainment centers is that they just can’t afford it.

For a while now, the rumor has been that a slimmed-down version of the PS3 will hit stores this summer, accompanied by a price drop of anywhere from $50 to $100. But with E3 come and gone, and Sony staying steadfast in its position that the feature-rich PS3 remains a value proposition at the current price, is it all just wishful thinking?

Considering the $250 price point for the new PSP Go, it might be.

Ask yourself this: Does it make any sense for Sony to sell a Blu-ray enabled, hi-def gaming console for $50 more than a refresh of their handheld system? If the PSP Go is priced more in line with an iPod than a Nintendo DSi, why would they dilute the perceived value of the Go by selling what they believe is a premium product for anything less than a premium price. Look at Microsoft’s other big rival, Apple. They certainly don’t mind complaints that their devices are more expensive than the competition. People still buy them. Sony may be in a different situation without the legions of rabid Apple fans, but everything they’ve ever said about the PS3 suggests that they see it the same way Apple does its $2000+ laptops: as a top-of-the-line product. In that context, the $250 Go price tag makes a whole lot more sense.

Of course, the bigger reason for Sony to not drop the price on the PS3 is that it still costs more than $399 to make each unit. Retooling the process and hardware for a “slim” version might alleviate the financial pain enough for a price drop, but it might also just be a step to help Sony break even. There’s also a chance that a slim model would also be stripped of certain features—wireless, perhaps, or hard drive space (though both are relatively cheap compared to necessary innards like the Blu-ray player)—and that the new model would exist as a “budget” option alongside its beefier, more tech-forward, expensive older brother. Sound ridiculous? Keep in mind the PSP-3000 will continue to be sold alongside the Go, with no indication from Sony that the dual SKUs are just a stopgap to satisfy existing PSP owners who have large UMD collections, and retailers who can’t be happy about the prospect of a digital download future for games.

This is, of course, all speculation. Sony could be readying a price drop for this summer, and the PSP Go could just be a pricey experiment in taking mobile mindshare away from Apple. On the other hand, Sony might really believe enough in their 10-plus year PS3 plan that they’re willing to trade price cuts for pack-in games, and lose sales (for years, if necessary) until they can actually turn a profit. They just better hope their customers will be as patient.