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$350 with it being just slightly more powerfull than the PS4 at the end of 2017 will mean the console is DOA. By that time the PS4 will be $250 or $300 + AAA game and the PS4 will have an installbase over 60million, probably even 70million. Nintendo either has to launch at equal price and same/better specs, lower price at same/slightly worse (XB1 level) specs or higher price and vastly more powerful to stand a chance.
I also refuse to believe any rumor which says that the home console is not releasing at the end of this year due to this: http://gamrconnect.vgchartz.com/thread.php?id=214126&page=1#