According to some unsubstantiated rumors, Sony is going to miss the $600 price point for the PS3. The actual price is rumored to be even higher due to extremely low chip yields for the cutting-edge PS3. Right now it's expected that the PS3 will sell for around $650, although that price may actually still rise if they can't improve yields.
Way Too Much
The PS3 is the one console I know I won't be buying at all when it comes out. Actually, I'm kind of happy about it being overpriced, since it means there might actually be some competition in the console market again. But that's probably wishful thinking, because I know Sony will release a plethora of exclusive titles that you just can't live without.
Really, though, I want to see the Wii succeed. I want its controller to be everything they say it is. I want it to have games that are truly unique to it. I know people say that its graphics capabilities aren't all that impressive, but I'm not paying >$600 just so that I get to see just how awful nice graphics look on a non-HD TV. And most of all, I want it to succeed so that people will make games for it and they won't force me to buy a PS3.
Personally, I think Sony's shooting themselves in the foot, but really, what else can they do? They already made the console and they already have games being made for it. Kind of backed into a corner now - unless they can cut manufacturing costs, which it seems like they really can't, they're stuck.