In a PlayStation Livestream Event this morning, Sony revealed a price cut for their handheld, the PlayStation Vita. The new price, coming into effect on the 28th February, will reduce both currently available Vita models (WiFi and 3G) to 19,980 Yen (around $200), which is a reduction of 5,000 and 10,000 Yen respectively. Note that this is reduction is currently only confirmed for Japan.
Although nothing has been announced yet, expect a worldwide price reduction for the system at some point in the near future, which is something that could be announced on Wednesday. It's yet to be what this will do for the system in the long term, but hopefully it will have quite the positive effect. It's quite the decent system, so it would be nice to see it do well.