$399 would be an echo of 1995, when they crushed Saturn's quite reasonable hype with the devastating $100-cheaper announcement.
I think its only possible if there's a catch, like a mandatory PS+ subscription or if the bundle lacks something you will effectively need (think PS Vita memory cards!)
I'm thinking their marketing team will tell them to veer away from FIVE HUNDRED AND NINETY NINE, but given what they're offering above and beyond Xbox One, I think they can make a good case for 549. I wouldn't be surprised to see a new PS3 SKU a la Xbox Mini.