I think people better brace for more than $399.99.
12GB LPDDR5X RAM is basically the best of the best for portable devices and that's quite a lot of it, it points to a powerful chip to need that much bandwidth too, this is way faster than the RAM in the Steam Deck (88GB for SD versus 120GB/sec for Switch 2) or stock ROG Ally. To put it in perpsective this is the same RAM the new OLED iPad Pros just announced this week use and those are $1000+.
256GB UFS 3.1 is also quite good and quite fast. Nintendo could have gone cheaper here (128GB EMMC or UFS 2.2?) and looks like clearly intended to let even the biggest games (roughly 150GB) fit comfortably right into internal storage, like Call of Duty.
Again for reference the newly released Google Pixel 8 Pro has exactly the same RAM (12GB LPDDR5X) + a 256GB UFS 3.1 storage option and that setup costs $1050 USD right now. Now sure the Pixel 8 Pro has things like cameras and an OLED display, but the Switch 2 also has a way larger screen (7.9 inch reportedly vs. 6.7 inch), Joycons, and a dock that apparently now even does something (has a separate fan for great cooling, which again implies performance is going to be pretty good).