There won't be a price drop until they can actually make the consoles cheaper.
The Xbox is expensive because of Kinect and because the workaround for the Xbox having incredible slow ram was to add a bit of memory to the main chip, increasing its size.
Golden rule is that the larger the chip, the more expensive it is. PS4 and xbox both use 28nm whereas current PC gear is 22nm. That's one big cost saving measure. Smaller chips use less power so the PSU shrinks, the cooling shrinks, more savings. Then there's the RAM and HDD which will become cheaper (although HDDs tend to reach a 'minimum' price so the savings tend to turn into increased capacity).
But anyhow, I got burnt with the Wii U I bought it at launch and have probably spent less than 10 hours playing it. Won't be buying a PS4 until there's something I really want out for it. Destiny is probably the first thing that interests me, KH3 and FFXV are must haves.