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Lets do a theoretical current retail parts price summary for this imaginary console:

AMD 8 core cpu = ~$150
7970m = $300
4GB DDR3 memory = ~$40 (GDDR5 = DDR3 tuned differently)
Motherboard = ~$50
120 GB SSD drive = ~$100
Bluray drive= ~$40
Controller, ports, PSU, cables, packaging=~$100

So like $800 dollars worth of retail parts. Maybe they are able to get down to 500 dollars with direct OEM discounts and sell it for $399?