I guess it would depend. It would be nice for the PSP to drop, especially since some good titles are coming out at the moment. Failing that it would be quite pleasurable if they took another nice stack of PSP games and tossing them into a Greatest Hits line for $20 a pop, but that's wishful thinking.
The 360...that would depend as well. There are a lot of solid titles coming up in the near future for it and, with Microsoft making a tiny bit of profit on each one sold nowadays thanks to reduced chip costs, I think they may want to ride that for a bit longer. They're still at a decent price point considering a new system and deals at some retailers help bring it down to very respectable levels. I wouldn't be shocked if Microsoft tries to keep the price at the same level for most of this year, probably while changing around internal components that are a bit more reliable and less costly. If they can keep a $300/$400 price point, up their profit on each system sold, and increasing the quality of their 360's until close to Halo 3's release (whenever that may be), they could make out big.
But, to be fair, it's all up in the air. If a PSP2 is announced the PSP's price could get a nice drop very quickly. If Sony drops the PS3's price (considering what they're tossing around corporate-wise it doesn't seem too likely anytime soon), it could force Microsoft to react. It's really a crapshoot.