Or it's a smart move on Sony's part to sell more PS4's. There's no reason to sell the PS3 cheaper just because the PS4 is $400. Sony wants to sell PS4's not PS3's.
I think it's done to offset the fact that the Vita is being sold at a loss. Vita price cut or Memory Card price cut. What will it be? Can only be one or the other.
It sounds more like you can't afford the Vita as opposed to it being overpriced. The Vita is well worth the cost if you give it a proper chance. If you can't afford it, there's absolutely nothing wrong with sticking to the PSP or DS. When you're ready, you can jump to the Vita.
ForceofNature9's comments