I mean, it's really your choice, but I wouldn't wait for a price drop for any of the three big consoles (yes, I'm also including Nintendo here). Here's why:
More dedicated players will wait until better games are released, but the large majority of American consumers will just buy the Xbone because OMGLOOKATHEMGRAFIX!!! Microsoft played it really smart appealing to a very low common denominator of people, stealing a lot of Nintendo's casual crowd with tons of kiddie shovelware (and you can expect the likes of Angry Birds and Candy Crush to get there pretty soon) as well as with their use of novelty technologies like smartglass and kinect, so Xbox will do remarkably well this holday season, even if not with the help of core gamers. MS makes tons of money, price remains constant for another year.
This could actually be a problem for more mature audiences moving towards the Sony side for a more serious experience, because tons of 13-year olds and shallow-minded CoD players will also get PS4s because it's "cooler" and "darker," even though it's really the same thing. With this shift in demographics, you can only expect an exponential increase in the number of dull, lifeless brown-and-gray "action" games- to the point of saturating the console's catalog. Sony gets tons of games and prepubescent fanboys, price remains constant.
Now, I'm not sure to what extent this next scenario will happen, but it will definitely have at least some effect on publishers: Core gamers (long-time video game players, not the shooter crowd) will get tired of the growing number of all-inclusive, shallow and simple-minded game trends on the major two consoles, so they will split into two sides: PC gaming and Nintendo. Both Steam and WiiWare are becoming indie heavens, which could eventually spark a gaming renaissance. Nintendo might for once not be stupid and take this opportunity to revive core interest in their system by bringing back SNES and N64 franchises, getting more Bayoneta-style exclusives, and founding indie developers on kickstarter to develop exclusively on their system (which they've already started to do). Also, with Melee at EVO 2013 becoming the biggest fighting game stream ever, they might start -at the very least- thinking about the competitive crowd in the near future. And Smash. Smash Smash Smash Smash Smash Smash Smash Smash Smash Smash Smash. Wii U survives, probably no significant price drop.
So yeah, that's my reasoning. Might be wrong about the last one (hopefully not, 3rd party Nintendo would suck), but I'm positive there will be no price drop at all.