First, it was the $600 price tag. There was no way I'd ever spend that much on just a console and controller.
They then proceeded to drop the price (still not low enough) AND take out backwards compatibility. Along with the fact that there weren't a lot of games that interested me, this was pretty big.
Now, the price is still too high, but there are games I am interested in.
However, even if the price came down, I don't have enough free time to play games on the the 2 systems I own + a new system.