When the PlayStation 3 hit shelves back in 2006 the price tag was pretty high, coming in around $500 for the 20GB model. Only the most dedicated of PlayStation fans bought the console and this allowed Microsoft to continue its edge with the Xbox 360 which is priced at the more reasonable price range of $400.
If this article from The Times of London is any indication Sony is not intent on making that same mistake again. According to The Times' sources Sony will be looking to price the console a bit more competitively this time around. Sony will be looking to price the next PlayStation at about £300, £100 cheaper than when the PS3 launched. Converting to US dollars, the console would cost about $465.
Granted in terms of importing the system that is still a high price to swallow but rumor has it that the US version of the PlayStation 4 will be priced somewhere in the range of $350 - $400 . If this pricing is to be believed the PlayStation 4 will be competitively priced against the Wii U. The Wii U offers two versions, the Basic and Premium Sets, priced at $299 and $349 respectively.
Sony will hopefully clarify exactly how much the PlayStation 4 will cost once it commences with its PlayStation event February 20. Be sure to check back Wednesday as more information becomes available.