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RolStoppable said:
The Gamecube showed pretty clearly how significant of a role price plays in video game hardware sales.

Both price and software library are signifcant factors. Gamecube's price was right (it was cut down to like $99 less than two years into the market!). But the software library left more to be desired (to the mass market). Also the PS2 was still reasonably priced for the mass market while the PS3 wasn't (until Aug 2009 anyway). So Gamecube definitely needed more than low pricing to counter the PS2.