Engadget has a "trusted source" that says a $50 price cut is coming May 15th, just over a month from today. "But that's less than a month before E3," you protest. Yes, that's true and we're right there with you, in Skepticalville, a place where Wiis are $250 and major announcements happen under the bright lights of an E3 keynote.
[Update: A reliable tipster has provided two images from Kmart's inventory system(s) listing a $149.99 price for the console. Some thoughts: This would seem to indicate the console is on sale now, which it isn't, and that Nintendo is buying systems for $190 and selling them at a loss, which we don't think they would do. What we're saying is: take the below images with the appropriately weighed and portioned grain of salt. Without further adieu, the images!]