Regarding Sonys finacial situation, they would be close to death if they release a $400 machine and sell it at a loss. Sonys worth is about 15 billion USD and they are losing money. Do you think they can afford a product that is expected to have a 3 billion USD loss for the first 2 years like the PS3 had (not counting R&D!) That is 20% of the whole company.
With the Wii U being not the overwhelming powerhouse and the financial trouble Sony is in, MS can piss on the parade by releasing a very powerful machine (significantly more powerful than the PS4) and sell it at a loss, because they can afford it. Sony would be in serious trouble if they face a more powerful competition for the same price and better marketing.
Imagine not having GamePass on your console...
