'Tis a wee, err Wii, price cut indeed, laddie XD Actually, $50 less isn't that bad. However, you've still spent over $600 once you've bought all the controllers and a handful of games. A price cut on the accessories would be nice.
To all of you who bash the Wii for being too 'kiddie' and underpowered: Quite frankly I like those so-called 'kiddie' games. The whole reason I bought a Wii was to play Zelda, Mario Kart, Smash Bros, Mario Party, Mario Galaxy, etc. Those types of games are fun. I even still play the old NES/SNES/N64 Nintendo-brand games. When you get down to it, Nintendo knows how to make good games.
When I'm in the mood for violence, gore, and other more mature material, I switch to my PC. That's the way it's always been for me.
As for the Wii's specs - yeah, it would be nice to have at least 720p and 5.1 digital audio, but short of watching DVDs, it wouldn't serve much purpose. The games that I use the Wii for would hardly benefit from such enhancements. Also, as someone else mentioned, it's great for homebrew. I'll take a well-made game over pretty graphics any day.