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I think it is possible, but I doubt it will unless we see significant inflation ...

The reason I don't entirely discount it is that both Microsoft and Sony released consoles for more than people were traditionally willing to pay and (between the two of them) I don't think you can say that the market really punished them for it. With this in mind, I could see how a company might believe that they could get away with selling a console for $800 and assume that customers would be willing to wait for price drops.