It probably will sell out, and it might end up being $500 on ebay, but anyone who thinks that is reason enough to charge (dramatically) more at launch is a moron ...
If I buy a system at launch for $500 and then it gets a price reduction soon after how likely am I to buy their next system at launch? If their next console "struggles" to sell initially because of this decision, what kind of message does that send about their product to potential consumers (and game developers)?
Since Iwata has taken over Nintendo's strategy seems to be to release a product at a price people (generally) see as reasonable and to maintain that price throughout the generation; and while they may lose revenues up front from this, when they maintain a higher margin later in the generation they probably recover these losses (and more).
