Although the PlayStation 3's price cut now puts it in the same league as the upcoming PS Vita, analysts doubt consumers will be put off the portable.
"I don't believe the PlayStation 3 price drop will impact the perceived value of the $249 Vita," EEDAR's Jesse Divnich said, speaking to IndustryGamers.
"With the growth of the tablet and smartphone market, I believe consumers are more likely to compare the $249 Vita to a $499 iPad tablet than a PlayStation 3. Bottom line, I don't believe the announcement of the PS3 price drop will impact potential sales of the Vita."
Wedbush Morgan's Michael Pachter said there's unlikely to be a large group of consumers debating which of the two systems to get.
"I'm not sure that they are trying to sell both to the same person as alternatives to one another. People who want both will buy both," he said.
"People with neither are more likely to buy a PS3, people with a console already might be more likely to buy Vita."
Divnich commented that it wouldn't be the first time a portable sold well despite an equally priced or cheaper home console on the market.
"Back when the Nintendo DS launched at $149, the GameCube was only $99, and that had little impact on the success of the Nintendo DS," he said.
"The PSP launched at $249, while the PS2 was priced at $149. I truly believe that despite sharing similar brands (and games), consumers treat the home and portable markets separately."
Vita is expected to launch in Japan at the end of the year, and internationally in early 2012.