Looks like Nintendo is getting ready to cut the price of the Wii to $199, following the lead of Sony and Microsoft and bringing the Wii down to the same price as Microsft's Xbox 360 Arcade SKU. While the new price isn't official yet, evidence is compelling.
First, the timing is right. The holiday season is almost upon us, the Wii is finally readily available after years of being in short supply, and competing platforms have dropped prices to where the Wii's $249 price point doesn't seem like quite as much of a bargain as it once did. As early as last June Michael Pachter, analyst for Wedbush Morgan Securities, predicted a cut this year.
Third, Nintendojo, a dedicated Nintendo site, claims to have been on a retailer conference call where the new price was mentioned with a street date of September 27th.
Nintendo hasn't confirmed anything, but the 27th is less than a week away, so if you're in the market for a Nintendo Wii you should probably hold off for a week before buying.