Don't Think So...
Although the Rebel XTi came out in 2006, and it's now 2008, the amount you're going to pay for it isn't going to change that much. Really, because you're paying for the same technology, but it will decrease as the demand goes down..
For example, they are about one hundred dollars cheaper than what they were in 2006, but 650$ is around the cheapest it'll get, the price isn't going to go down ( and, if it does, it's not going to be drastic, for say like a few pennies or bills down the road ).
Think about it like this, ' did the price of the XTI drop when the XSI came out '? no it didn't, and i don't think it'll change with the xs either.
I don't think there will be an additional price drop... the XSi recently came out and took its place, so the price has already dropped a lot already.