I suspect that the Wii U would be around the $300 mark. Anything more than that, and Nintendo will be taking a pretty big gamble on the system's mass market appeal in the same vein they did with the 3DS, even if they claim that they've "learned from its mistakes."
Personally speaking, though, I can't say that the Wii U has shown me anything to make a $300 investment for at the moment. Sure I would like to play the new Mario and Pikmin, but I'm in no rush to play them, especially given Nintendo's method of giving their first party titles a pretty healthy shelf life. Beyond that, I can just stick with the console(s) I have to get a fix of the other games the Wii U will offer, with 99%, nay, 100% of those games not appealing to me to begin with. I probably won't bite on the system until it reaches the lower $200 mark, assuming that by that time, the system's library will have obtained enough titles to make the thought of owning a Wii U pretty appealing to me.
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