Nintendo hardware is not overpriced.
Sony's hardware is not what I would call affordable, once you factor in all the costs to have a somewhat decent gaming experience (online fees, memory sticks, etc.)
Coming from someone that has been there for Wii, DS, 3DS and Wii U launch... Yes it is.
PS4 knocks the teeth out of Wii U's mouth as far as bang for your buck is considered.