The NES debuted at a price of 199.99 back in 1986 (or 249.99 if you got the ROB). Using this as a basis and the Commercial Price Index between now and then: people were spending 364.58 (455.73) in today's dollars for the NES. Given how much I and my friends have played my NES in my lifetime, I'd say that it was money well spent.
Sony's decision to launch this multi-functional techology for 500 or 600 dollars is comparable to what people were gambling back in 1986. And the NES was only a gaming center. The PS3 will be your DVD player (among the first Blu-ray players) as well as a lot more. The price may be high for some, but they will get buyers who will not feel cheated at that cost because it is NOT unreasonable to pay 600 for the brains of your entire entertainment center (although most of us out there already have the majority of our entertainment centers made - minus the Blu-ray).
Would I like the price to be less like the Wii? Yes. Am I going to wait for the price to lower to more traditional prices (200-400)? It depends on if the PS3 can deliver enough games and utility to me to make it worth that money. I know, however, that many of my friends will be spending one morning in mid-November hanging outside of a Walmart or BestBuy waiting to get their hands on some of the first copies of the PS3. Sony knows what they are doing with that price, and I honestly can't wait to see what innovations they bring about. This goes the same for the Wii as well. Gameplay nowadays isn't based on the best graphics for me as much as the most entertaining concepts. Recently, not much has been able to compare with the wonders of the NES and Dr. Mario, Super Mario Bros, or Contra. Bring it on!
"I'm a mean green mother from outer space" -- Audrey II, The Little Shop of Horrors