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I've always thought it would be $399.99.

It's 4 years after the PS4 ... why wouldn't dramatically better chips be available? That's almost the typical 5 year full cycle for a system upgrade.

Like the Dreamcast came out in 1999 for $199.99, which was the same price as the N64 launched at three years prior, but the Dreamcast was waaaaaay more powerful.

4 years is a long time in tech cycles guys, the chips you can get for the same cost 4 years later is night and day.