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this definatly won't happen. the only reason the PS3 was so much was because of the hardware inside, wii-u will be about as powerful as the 360, and that came out almost a decade ago.
Sony already said they are said they are not doing that mistake again.

the only way i can see the wii-u being more then $300 is the controllers themselves. and even that is a stretch, chances are the wii-u will be $200 for the basic package, and $300 for the deluxe