Well, unfortunately, many companies these days cannot easily do this.
Most games on PS3/360 (HD consoles) need to sell at least 500k copies to break even at a $60 pricetag. Many games on next gen consoles have a budget of at least $20 million (last gen there would be games with a budget 1/5th of that). For many games, that's actually a bit hard to achieve unless they are multi-platform (which is why you see many of the same games on PS3/360). If game prices were to drop, the number of copies a game would have to sell would increase. Last gen many publishers could sell games at $50, sell around 100k or so to break even, but next gen is just much more expensive. Some publishers have struggled financially because games with a pretty good budget failed to meet what it needed to sell. Now if HD consoles games only needed to sell 200k to break even at $60, then I could sell game prices lowering, but unfortunately that is not the case. SCEA doesn't lower their game prices until the sequel of a game comes out soon (normally if it's a game that can achieve Greatest Hits status due to selling a certain amount) because they are trying to make as much back as possible from hardware loses (and they expect PS3 to grow slower due to pricetag where dropping the price of their games isn't going to cause that big of a spike at all).
If a game is truly great or definitely interests me, I'll pay full or near full price for it. Eventually I'll pick up some games cheap, but 90% of the time I regret the cheap games I buy (because since I never really wanted them badly, I play them and very rarely they are one of the better games I played, and they end up getting traded in).