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I'm guessing it will be either more new colors (probably not...), or quite more likely many more games such as MM3D, perhaps an update on 3D movies, or just a system update. Nintendo probably will not be announcing a new system, as it will have been hardly a month from when the price drop was announced. Nintendo would make so many people upset by doing that.
Favorite Games: Legend of Zelda: Ocarina of Time, Majora's Mask, Wind Waker, Super Smash Bros. Melee and Brawl.
Releasing a new version of hardware with added controls (second analog stick) that makes it impossible for owners of the original hardware to play the games designed for the new one when customers are already upset about a price cut not even 6 months after launch is not damage control.
... I should have shown her porn YEARS ago! - SatansBestBuddy
You know what the price cut is? It's Nintendo throwing up its hands and saying "okay, it seems that despite what everyone told us at E3 last year, we really can't get people to buy this thing."
A price cut of $20-30 would have meant "sales are slow; we need a price cut to pick things up." A price cut of $80 is a vote of no confidence. It is Nintendo declaring a state of emergency. It is Nintendo announcing to the world that they see the 3DS as a failure and they'll do whatever they can to cut their losses.
Your local forecast tomorrow is "Steve". Good luck.