I hear it's supposed to be $299 - $349 (in real money, £188 - £220).
I think it's pretty sweet, loving the specs etc. But from what I have seen, the console itself looks pretty ugly though if you ask me, the buttons look like an iPhone 4 rip off as well. The idea as a whole though is a good move by Sony though, their basically opening this out to all Android phones as well (not sure how its going to work, probably similiar to an app store).