Sony managed to undercut Microsoft when they announced PS4 will launch for $399, $100 less than Xbox One's $499 launch price. Not only is this significantly less than PS3's launch, when adjusted for inflation, it's the cheapest PlayStation home console launch ever.
According to a price analysis by Ars Technica, PlayStation 4 is cheaper than any previous home console from Sony, with PS2 being valued at $405 when adjusted for today's dollars. Microsoft's new console, on the other hand, is the most expensive Xbox ever--but not by much. Xbox 360 would cost $476 today, and that doesn't include a fancy next-gen Kinect camera, either.