The system's price is a little high, but not unexpected.
The launch line up just kinda sucks. The only three games I can see myself enjoying are rehashes. I can wait to play DOA. SSFIV looks awesome, but since I play portables at home, I have no reason to play that version over a real version. Mercs is a little tempting, but it's not anything I'd want to pay full price for.
But I'm ordering two systems in case these things sell out and start selling at ridiculous prices on amazon/ebay.
Maybe I'll get one later in the year when MGS, Revelations, and Zelda are out.