I guess it just depends on how much Sony is willing to lose on each console for the first year or so. I remember hearing the PS2 sold at close to $100 loss at launch, which was peanuts compared to the $240 - $300 loss on the PS3 (depending on the model). With PS4, Sony said that after purchasing a game (1st party) they were in the black, going way more conservative after the billions lost during the 7th gen.
Now that they're in a much better position, they could opt to endure some bigger losses this time to try and remain cheaper than Microsoft. However, there's nothing to stop Microsoft from lowering their prices a bit come November in reaction to whatever Sony decides. I remember the N64 was supposed to launch at $249 and they lowered it to $199 at the last minute.
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