The gaming industry has changed a lot since the PS3 came out. And even then, it was stupid of them to charge so much (which is why they lowered the price pretty damn quick)
I'd expect the next one to be available at $300-350, maybe with a more expensive one available to the fanboys with more money than sense
The hardware will be much simpler - the PS3 was way more complicated than it ever needed to be.
Sony made so many mistakes with this console generation, it's amazing they were able to survive (although they barely did)