What I'm most curious about is when can we expect to see the magical 299 price point. Sure the PS4 launched at a much lower price than the PS3 did, but there's much less opportunities to drop the cost as there was last gen.
It's a sure bet that they planned this carefully when they decided to use GDDR5 (or when MS decided on DDR3/4). Interestingly, Andrew House said the decision to have 8GB of GDDR5 instead of 4GB was being written off as about a billion over the console's life, which adds up to only $10 average if they expect the console to sell 100M. Today it's about $40 per console (for the additional 4GB), so either they expect that to drop significantly, or they negotiated the contract over many years, or they don't plan on having GDDR5 for more than the first 2 or 3 years (moving to HBM when AMD is ready?).
Very wild guess: the next XB1 revision could see a $20 to $30 advantage in cost, and Sony might retail the PS4 at $50 above the Kinect-less XB1, whatever that ends up after the dust settles. They wouldn't start a price war as long as they are outselling everybody else.