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The absolute highest I would pay for a brand new console day one is $450. That is if the console is significantly more powerful (or mad innovative, although I'd be careful to not make the same mistake of rushing out for the Wii and having it be shelved for the rest of the gen) than the previous gen (PS2-->PS3) and it has at least 2 must have games at launch. The console should also hopefully have decent 3rd party and 1st party support.

Unfortunately the Wii U as it is does fulfill those criterion. It doesn't seem significantly more powerful, it isn't very innovative (tablet is not the same as motion control was) and it doesn't have any unique games on it that seem like must buys.