The lights are on
The PlayStation 4 and Xbox One are not cheap consoles, but compared to the history of video game console prices, the two are both priced reasonably.
Ars Technica has put together an easy to read chart looking at console prices through the decades in order to create an understandable comparison to next-generation hardware. Consoles like the Super Nintendo and the Sega Genesis are priced about the same as Microsoft and Sony's new consoles when you consider the worth of the dollar back in the late eighties/early nineties. Considering inflation, the two consoles cost about $342 and $357 respectively.
You can also see the breakdown of console price drops through the decades and how everything stands up against one another. Ars Technica has a full rundown of interesting statistics and graphs.
[Source: Ars Technica]
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Pretty information savvy chart.
I think the same could be said about the price of games. I remember NES games being upwards of $39.