The Wii's price point is a big part of it's success but the most important factor is the Wii's ability to apeal to various demographics ( demographics which happen to include and be bigger than the tradional gamer).
Price point is like a barrier to the product so the higher the price point is the bigger the barrier becomes , the barrier for the Wii is really low but that doesn't matter as much because it has experienced strong demand from the start.
In my personal opinion the PS3 barrier was too high for the consumer to make the leap regardless of how much they wanted too , even the Wii wouldn't have survived a $600 price point.
Edit : answering "If" questions is fruitless because most of the time it ends in flames.










