I think Sony panicked at the prospect of Xbox One (which had long been rumoured to have 8Gb) being able to do way more outside of the games, which could have been more of an issue down the line. If they've been worrying about lack of RAM for games, games would already have more of the extra 4Gb they crammed in.
But now that Microsoft are winding back from their initial plan, I think it's like both platforms will give up more RAM for games and this is probably a bigger deal toward the end of the consoles lives. But even now, more RAM can take the strain off developers.
I see nothing nothing in that Sony's reactions that implies panic of any form.
They released the system in the grey at 399$, hardly a move of panic or despair.
They doubled the RAM that is quite different than doubling the BOM part related to the RAM, they went from x16 2gb chips to x16 4gb memory chips, that doesn't not translate in x2 the cost.
We don't know for how long Sony knew about those memory chips or how hard they pushed to make them "happen". They played their cards pretty close on that front.
It seems that Sony was considering pushing hard on Eye Toy and gave up, may be to accommodate the increase in RAM price, may be not. I think it was pretty late as there is still that diode on the controller => to my point the ps4 could have cheaper, not by much but cheaper, remove the fancy feature of the controller use cheaper RAM, may 379$ was doable.
4gb memory chips could have served as drivers for price reduction quite early and those rumored 8gb may have helped further.
I'm not trying to say that less RAM is better, just that Sony was in a pretty comfortable this time around, pretty much imo "no matter what". Worst case scenario, they were positioned to fight on an "equal footing": more perfs/less RAM.
I still believe my old "they should have aimed lower", as I think a cheaper system could have been a match (~) for Durango and it could have been a bloodbath for MSFT especially with their strategy not doing well with their customers (I don't say that in a harsh manner, predictions especially about the future are tough, they took a risk it did not paid).
Thing is I don't really see can be done with the leftover RAM that is so great, that a hell lot of RAM for the service in the background and the couple that could be in the foreground while gaming.
THey could indeed increase the amount dedicated to the game, though I would not be too surprised if it ends up in lots of case as a buffer for streaming content from the HDD /make the life of devs easier. I'm far from opposed to that idea but I don't think it will translate into anything meaningful on screen.
I still believe that whereas 4GB set constraints it was workable, it is completely different than say if the 360 shipped with 256MB and the PS3 512MB.
now I've to acknowledge that there is not much granularity, adding RAM is a pretty coarse process.
May be everybody needed 5GB but well