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Looking through the history of console releases I tend to think the high-end of the mass-market price was (probably) somewhere in the following range (meaning a console could launch at this price and not be punished for it):

NES: $200
SNES/Genesis: $250
Playstation/N64/Saturn: $300
PS2/XBox/Gamecube: $350
Wii/XBox 360/PS3: $400

At $300 and $350 I think most people who are interested in a new console will see it as a completely reasonable price; and companies could probably launch at close to $450 before people are really shocked by the price of their console.