A console CAN BE SUCCESSFUL at $300 launch price. PS2 and PS1 are proof of that. But then again, those were aimed at older gamers, mostly male, while Wii U is obviously still being aimed at families.(yes there are some core titles but the advertising is purely for families)
I don't think it will fail. It will sell well and give current-gen consoles a run for their money this holiday. It won't repeat the original Wii's success though.











(mostly)