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Well, tbh there was a case of both the Wii having a low start price and the PS3 having a very high start price, and it does matter to a certain extent.
That having been said, when you survey all the gadgetry and the specs of the PS3; its certainly no less value for money than the Wii is/was.
But this matters little to people, like when they're buying cars, they'll almost always go for the cheapest possible alternative regardless of the cars condition because it looks and sounds like a sweet deal in comparison.
One guy bid for my car and offered me 75.000NOK and I had to say no, so he ended up buying a non-turbo version of mine without leather for 65.000NOK, and the other car had over 100.000 KM's more on the speedo than mine.
WHy? He thought it was the better deal, doing as most casuals and going heavily for a low price.

I'm not making any excuses for the Wii's success, and I've stated before that I feel that the main reason that the Wii has become a hit is because its different.
Not a revolution in my eyes, but still different.
But remember; saying that the price is no factor at all is every bit as fanboyish and childish as saying its the determining factor, or maybe even worse.
Think about that, there's an awful lot of users turning unneccesarily derogatory about this at times.