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This should compare with top of nextgen and beat WiiU. (didn't go into great detail so point out issues if there are)

Case: $22 (basic Gigabyte)
http://www.newegg.com/Product/Product.aspx?Item=N82E16811233072

MOBO: $60 (AM3+ Gigabyte)
http://www.newegg.com/Product/Product.aspx?Item=N82E16813128504

CPU: $105 (AMD FX-4100)
http://www.newegg.com/Product/Product.aspx?Item=N82E16819103996

GPU: $100 (Sapphire AMD HD7750 1GB GDDR5)
http://www.newegg.com/Product/Product.aspx?Item=N82E16814102969

Memory: $44 (Kingston HyperX 8GB DDR3)
http://www.newegg.com/Product/Product.aspx?Item=N82E16820104333

HDD: $50 (Samsung 250GB 7200RPM)
http://www.newegg.com/Product/Product.aspx?Item=N82E16822152226

DVD: $18 (ASUS DVD writer)
http://www.newegg.com/Product/Product.aspx?Item=N82E16827135204

PSU: $25 (generic 500W with 4SATA and 1PCI Express)
http://www.newegg.com/Product/Product.aspx?Item=N82E16817101011

TOTAL COST: $424.

That's $74 more than WiiU and about the same price as either of the other two, if not less. Of course you need to add OS which could more than likely be free or $50, depending... and a 360 controller for like $35.

You could also easily cut this down to WiiU levels and be ~$300.