THE bloody personal computer price wars that have proved such a boon for customers in the past 18 months are all but over, according to Compaq chief executive Eckhard Pfeiffer. Mr Pfeiffer said pricing remained a critical marketing issue and, although charges would continue to fall, the dramatic rate of price cuts would stop. Consumers could look forward to greater PC product innovation, he said, as suppliers aimed at differentiating their products with new features, rather than price alone. Mr Pfeiffer, who helped ignite the so-called PC wars by slashing prices on Compaq's entire range of computers in mid-1992, calls the industry-wide price restructuring a ''correction''. ''We have seen a period of dramatic change in the last 18 to 24 months, with abnormal levels of pricing reductions to come down to an efficient level of pricing relative to cost,'' he said. ''That rate of price decline obviously cannot continue. It was a major price correction process [but it is] behind us now.'' ''Things obviously cannot continue at that [dramatic] rate because, once you are already at an efficient level, you cannot bring costs down in the 20 to 30 per cent rate per year range,'' Mr Pfeiffer said. He said consumers could expect to see more software features bundled with PCs in future, and vendors becoming more sharply focused on building new features into systems as a means of differentiating products.