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The issue isn't so much the price alone, it's likely the fact that Nintendo will fall in love with mobile components and their low power consumption.

Using the same family of mobile chips will allow them to share console/handheld library, but it will also likely hold the console variant (assuming there are two+ versions) back.

I'd guess 300 GFLOPS with 3GB RAM for the handheld with a cheap-ish screen (1280x720, which is good for Nintendo standards).

800 GFLOPS using the same type of mobile components for the home version, just juiced up with 4-5GB RAM. New controller type in the box, not an expensive controller however.

But it's not like you couldn't get something powerful for $200 these days, a 2.3 TFLOP GTX 960 is easy enough to find at $199.99, and yes while that doesn't include a CPU, you also have to take into account that component is marked up for retail and manufacturer profit margins, a buyer like Nintendo could get a component like that for cheaper. Also factor in we're talking about a launch window that is likely almost a year and a half away.