when both the PS3 slim and 360 Elite retail for $299, their will only be a $50 between them and the Wii which currently retails for $249...so yeah the wii will definitely look over priced, considering that for 50 bucks more, you get better graphics, better online, and way more features out of the box than the wii, and in most people mind 50 bucks jump is nothing compared to the extras you'll be getting.
Nintendo better drop the price soon in order to stay competitive, and at least have a bigger price advantage, I say soon because both the Elite and PS3 Slim are rumoured to be hitting the $299 end of this month.
Also, I do seriously think the a majority of VC games are way over prices, Sonic the hedgehog should be 4 bucks Australian, not $8, I mean I can get PS1 games on my PS3 for 10 bucks, and they are bigger games, so charging 8 bucks for sega mega drive, and SNES is just a massive rip off.