I see a launch price at least the same as the original ($300), but if it is more than $350 I'll probably extend my wait.
Honestly, the deciding factor for me nowadays is what games will be available at launch. If they pull a 3DS and have nothing but shovelware (especially at their launch since it will be around the holiday season), I would probably end up waiting a year, year and half to let a library build up to see if the investment was worth it. Kinda made that mistake with the original PSP as most of the good games didn't start hitting the shelves 'till after that time period.
Sony you need to learn from the Big N's blunder and wait for at least half of the big games you'll be promising at E3 to be ready before launch, and not just one (SSFIV, if you consider that "big").