That's the price if you just buy the phone. If you get a contract with a service provider I'm pretty sure it's cheaper. My mom got an Iphone 5 for like 250$ with a plan recently.

I really like the look of it, but still not convinced that 5" is an okay size... but I thought the same thing about my 4.3" screen

Anyway, I am 1 year into my 2 year XPERIA S contract, so won't be buying it, but it does look nice. If Sony can keep this up though, then I am sure I will be very happy with my next Sony phone (as opposed to delusionally happy as a Sony fanboy)

The only phone that can really challenge the Iphone 5 is the Galaxy S3. For some reason, (maybe due to Samsung's marketing), the most successful top end Android phones are usually from Samsung. HTC, LG, and Sony phones don't get as much attention, sales, and success.
The Galaxy note is also very successful for Samsung.

Looks very nice.

Aww man, should have held off on the Xperia TL and got this a few months later. Oh well, at least I'm saving money this way and getting Jellybean next month

Looks nice but nothing to get too excited about IMO . If Sony wants to be a player in the phone market they need a new name for the phone line and some major marketing money and a bold design.

I just bought a point and shoot camera from them cause the design was so cool, even though it was more money than the Nikon my GF wanted cause Ashton Kutcher was in the commercial.

Sony is getting traction, maybe not in the US, but elsewhere it is definitely improving and in many territories (including the UK I think) Sony is now number 3. It is still insignificant compared to Apple and Samsung, but on the way up

Even though I like the concept of it being waterproof,  I don't think I would take it into the shower with me. If it isn't 100% waterproof...

When does it release?

Right now my phone does what I need => Calling people. So, when I need more functionality, I will buy the next Sony smartphone.

Until then I will be happy with my cellphone. :D