Erm - No thats in line with European pricing for the PS4 7 years ago!!!
The PS4 was also 399 euro on release, and 399 USD on release
Converting that straight up to USD isn't how they price games in different markets (And you are wrong anyway, converted its 470). If true for European pricing, I would suggest that the PS4 will be anywhere between 449 and 399 USD, which is in line with the low end price estimates.
That represents a very VERY good deal and actually represent a cheaper product than the PS4 when you take into account for inflation.