Already posted previously to this thread but I believe that EB Games $599 AUS price tag may actually be correct. The technology involved in the making of the Wii U far surpasses that of it's predecessor.
That would be approximately $650 in USD. If it launches that high I will be waiting for the price to be reduced and I'm sure a lot of others will also. I'll be picking one up as long as it's around $400(give or take some).
BTW, EB stated that price was pure speculation. I'd imagine when they set a pre-order price they wanted to be on the high end. It would be a tough sell to tell someone that you payed $400 for the console to pre order yet they missed the price by $200.
I guess it may be wishful thinking on my part also, but I expect it to be between $300-$400.