Simple solution is to just make a kinectless sku and throw in one or even two free games (digital to save costs) with the kinect sku. Make both present value to the consumer.

I realize there's problems with it, but they still might do it. If they could release it in a slim enough model, it could work with enough people's entertainment centers that it would sell decently. As long as they didn't get rid of the unintegrated SKU, so that people who need that SKU can still get it, everything would be fine.

I think MS release a new SKU with a mini kinect, maybe no cam only the mic array and IR blaster, because now the GPU only reserve 2% for voice processing.

I don't think its really that people see no value. I think its more no Kinect games at launch. Kinect Sports Rivals got delayed and really put Kinect as a gaming device on the back burner till it releases. I think more casuals would have bought around launch if Kinect Sports Rivals was Release day.

The value would be better perceived.

The perceived value is not black or white, it's more of a grey area. Some people value it a lot, but for others, it's an after-thought. For some, it is THE reason to buy the console, for some it is a nice add-on, but for many, it's a gimmick or even an annoyance. So the value chart spans from a high positive value to a meddling negative value (Demand for Kinect). What Microsoft failed to realize that their supply of Kinect is too low, which implies the current market price now is just too high compared to the perceived social value (an average of all). Forgive the economics lingo but I am an economist, and this is related to the economy :)