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Gamecube was more powerful than PS2 and launched for 100 dollars less than it. It could happen... but thinking here... it's not going to happen at all, and not just because they can or can't.

It's because it would be bad business. They would be out of stock pretty soon, earning not much profit for that or any profit at all.

To me it's either 299 or 349.
If it's the former, it's a great launch price. If it's the latter, just okay-ish.