At this point, and depending on the deal they've made with AMD the price could be cut sooner than we're used to seeing before. I think MS has made the right kind of hardware deals and supply deals and so the Xbox One could come down in price a bit by holiday 2014 at best. A $50 after a year on the market should honestly be possible without having to cut anything out, one thing to remember is that they're expanding it to also run apps and I believe the Xbox Store will be the same model as the Windows and Windows Phone Store with self published apps at least going off of revshare. That adds to what they can make back on top of the games and other content they sell (music, videos).
I think we'll see aggressive price cuts in the first 4 years of it's life. That or, and this is also a option, they make deals with the big cable/sat tv providers to offer the Xbox One as a set top box option. Maybe as a second box in your home but for a subsidized price, something like $299 would be a big deal actually. And no, as a second box option you don't need to already have a 2nd set top box because there are adaptors out already, iirc, that can be used/sold with it by the cable provider which would make it a true set top box and not just a pass through IR blaster.