With Sony announcing a pretty dramatic price cut for the PS3 last week at Gamescom, it was kind of expected that Microsoft would do the same with the Xbox 360. But no, as it turns out, or at least not any time soon.

“As you can imagine, we plan for these scenarios all the time. For me to sit here and say [the PS3 price cut] was a big surprise would be a lie,” the company’s VP of interactive entertainment, Chris Lewis, tells VG247.

“Respect for what they do, of course. I love the competition, actually: it keeps us on our toes, and consumers benefit ultimately.”

And, of course, he follows that up with a bit of barely-concealed smacktalk.

“We think we offer great value now. We have better service provision than anybody. We attach more effectively than anybody. I think Xbox Live’s enviable. What we’ve achieved with Kinect has given us growth that I think others would aspire to at this point in the lifecycle. We’re happy with our position. While we’re not complacent about the competition, I wouldn’t trade places.”