The Wii U is overpriced. I think that $300 is a bit too much, but the price is along what was expected. However, you shouldn't even consider to buy the "cheaper" version.
The Wii U comes in two versions: a basic white one that costs $300 and a deluxe black one that costs $350. Besides the aesthetic of the color of the system, the only difference is that the black one has 32GB of internal memory. Other than that, they are the same.
However, the deluxe version comes with 5 extra things: the game "Nintendo Land", a digital promotion, a GamePad stand, a GamePad Cradle and a Console Stand.
My point is that the game alone is enough reason to buy the deluxe version. Nintendo Land by itslef will cost $60. The promotion will give you free games if you purchase digital downloads. And let's give a price of $10 to the stands and $20 to the charging cradle.
Conclusion: If you are already paying $300 for the Wii U, then definetely pay $50 more for products that are worth at least $100. And I'm not even considering the digital promotion.