499$ seems reasonable to me. I would be ok with anything up to 999$ assuming hardware scales appropriately with cost. Kinect2 + all the other stuff xbox one packs cannot be very cheap at this point.
And even still, 499$ for something one can use for 5-10 years is not bad(compare to crappy tablets and phones that can cost even more than that and get obsoleted in year or two)
It will completely bomb with this price by February 2014. "Value" has nothing to do with it. People arent just going to pay these prices in masses for a console.