Without kinect, x1 production cost should be less then ps4, kinect alone do not cost more then 100$(since that spy camera in every bundle, i'm talking about production cost), so i don't see why i should pay more for cheaper/worse product.
Even if they throw kinect out and set 399, it's still would be worse then ps4, they should set 449 with kinect or 379/349 without kinect, but they not gonna do it until 2014.