Wow day one buy for sure if that is the price.

That would be a great price, but I do have 1 or 2 issues

1) I am fairly sure Sony has stopped giving official prices in the UK given how much they fluctuate in the UK, I don't think the Vita actually has an RRP here

2) I think that is probably too low, £350 would correspond to a $400 US price, which seems reasonable. Also, the sources suggests that it will be higher than the converted Yen price, which contradicts previous pricing, where the Yen converted price is higher

I would be happy with a £300 price tag, but I am not expecting one

That price would be really good for PS4 but i really doubt it will be true unless Sony wants to risk being in the red again.
It may not have a Wii U gamepad but it will have - probably - a big hardrive; it will be more powerful and if the rumors are true, Dualshock will feature some extra tech, which will increase not only the price on the controller but will most likely diminish revenues from extra controllers.

My guess is that it will start at least in 350 (maybe PS3 12GB was a test for a PS4 with a small HDD) and reach 450, maximum. Most likely 400 and 450, if there are two models.

The hardware at this stage is practically confirmed. The only things left unsettled is the memmory size and type (4GB or 8GB and GDDR5 or stacked DDR3).

And given what we already know about the hardware, an AMD APU design with 8 jaguar cores and 18 GCN gpu cores (pretty much a 7850/7870), id say thats really powerfull, energy efficient and cheapish hardware.

Sony and MS did really well with the component choice for this gen. I think Sony can sell the PS4 at a profit from day 1 depending on the extras they plan to ship it with (cameras, controllers etc.).

They dont need to sell at a loss to release a powerful console. Given the rumours its very likely they will release a cheap and powerful console.

I say $400 is a logical assumption. Maybe $450 for some kind of "premium" package. I think Sony has learned from 599USD, yet I can't see them pricing it any cheaper than $400 unless they are prepared to take major losses on the hardware, and I don't think they'd be able to do that after the Vita situation.

Where are you guys getting your information from?

And why is everyone expecting a cheap price to equate to a weak, underpowered console?

Someone please explain this to me...

Simply put, because Sony is in a much weaker financial state right now than they were in back when they were designing PS3, and to a lesser extent even when they were designing PS Vita. 

They can't afford to lose hundreds of dollars on every console sold like they could for PS3's first year or two.  Sony's been posting huge losses for a couple years now, and since Kaz Harai's mission is to make Sony profitable, it is also his job to make sure SCE is profitable as well.  It makes up a third of Sony's business. 

I think you misunderstanding my point. Theres been a multiple posts in this thread that suggests a low priced PS4 equals weak and underpowered hardware.

This is simply not the case. A powerful console can be released at a cheap price point without the manufacturer needing to take losses. It is precisely because of Sony's position that they cant afford to sell at a loss. And given the rumored specs (which are powerful), this would make a cheap AND powerful console very possible. No need for selling at a loss.

I'm talking strictly processing power here btw. Throw in a washing machine and things get pricey ;)....in other words i don't know what they plan to include as extras or "gimmicks" but the general consensus at the moments seems to be that sony is concentrating on the gaming aspect of the console...so i don't foresee to many added extras.

Of course a cheap PS4 doesnt mean it will be underpowered and rubbish....take the BR drive for starters.  When the PS3 came out, they were like £200 at retail alone at the time.  If we assume that the PS4 will have a BR drive then it will only probably cost around £20 or something like that, so that will take a good £100+ off the cost anyway.