$499 is too much for a console, but that's the way it needs to be if Sony and MS are going to push the tech boundaries like this. It's not too much for what's in it, though it is too much when you factor in Live. The price is exactly where I expected. I would say a slow launch with MS expecting things to pick up in future years.
Spurge, I don't know what you're talking about as far as content. I thought it was exceptionally weak for a launch...unless you really need Forza 5. Battlefield and Witcher did look impressive, but they're not exclusive titles. The rest was very uninspired.