I've always stood by $299-$349 but kind of figured the latter because of holiday demand, leaving room for a price drop, etc.
However, I definitely thought $299 was the better price point for it market-wise, even if sold at a small loss; few people will buy WiiU without picking up a first-party Nintendo game for it (assuming there is at least one launch gem), and if they can remain profitable or at least break even with this strategy they'll prosper nicely in the long run and sell a ton of consoles.