Well... Effectively I think they did lower their price. Hear me out on this:
They changed around what is offered in various versions and really, the Studio version is now the "full" software package. I can't see anything functionality wise that it doesn't have. Unlimited audio/MIDI tracks, high sample rate, 64-bit mixing, surround support, VST2/3, Prochannel, ARA, good basic FX set, etc. All that for $200. That competes with the top end version of Cubase and such. No, it doesn't have every FX pack and sampler Cakewalk sells included, but it comes with all the basics, and no limitations that I can see. It is "top range" software from any other vendor.
Producer is now kinda the "extra" version. It comes with more FX, a bunch of Cakewalk's samplers and synths, and a bunch of 3rd party content. It is the kind of thing that gets you more features, if you don't already have stuff you like (or if you just want more) but you don't need it to get any abilities unlocked, it isn't limited near as I can tell.
You compare that to, say, Cubase Artist at $250 and there you have no surround, 64 audio track limit, no MIDI device maps, and so on and you can see what I mean.
Also I think part of it may just be the "MSRP overstating" that resellers love. Producer is $500 near as I can tell. B&H, Sweetwater, zZoundz, Guitar Center, all sell it for $500. In the audio world, that just seems really popular. Resellers like for manufactures to overstate the MSRP, so they can give you a great "discount" and you feel happy. However part of that is the manufacturers usually can't offer you too much a discount on their site.
I'm not that bothered because I think, were I to buy in today, I'd probably get Studio X3. It looks like a full featured DAW to me. I don't see anything and say "Man, why did they have to disable that!" which is what I see with all the other DAWs at the $200ish pricepoint.