Sorry Nintendo, $299 is still too high for the Wii U

Looks like Nintendo is dropping the price of their Wii U, one of the options I discussed in late July in light of the company’s disastrous spring quarter.
And while $50 off the MSRP of $349 to $299 is a predictable cut, I think it’s not nearly enough. After all, if the Nintendo was performing well they would probably do a price cut, simply because the company’s two biggest competitors are launching new consoles this Christmas. ¬†However, the reality is the Wii U is not performing well – in fact its doing historically bad – shipping last quarter about a tenth of what a healthy quarter for a console with no new console competition should be shipping.
So what should the new price be? I suggested in July that a $199 price would likely goose sales significantly, and while a $150 price cut is a steep one (though its actually less since most Wii U basic units are retailing for $325 or so), I think drastic times call for drastic measures.
Of course, one of my other suggestions was to rename the console since the name Wii U has proven terribly confusing for the casual game consumer. Something tells me that that suggestion is probably not going to take root over at Nintendo HQ.