Guys, remember that this wasn't really a price drop. It was an unbundling of products to achieve a lower base price point.
For many, the XB1 is simply a weaker PS4. Kinect was the primary differentiator between the two, and many of those that chose an XB1 over a PS4 did so for it. For those consumers, this "price drop" does not impact their decision at all, as the product they're interested in remains $499. For everyone else, the new $399 SKU is still just a weaker PS4.
I wouldn't be surprised to see a real price drop going into the holidays.
I agree. Why buy a Xbox One at $400 when you can get the PS4 at the same price tag? The console with more superior hardware?
Without the Kinect, there really is no purpose for consumers to get one, unless it's for exclusives of Microsoft's, of course.