My point with the Gamecube is price doesn't have much of an impact on the video game market. Consumers either see the benefit of your product and want it or they don't.
There are some extremes, like Sony pushing the PS3 out at $600 a full $200 higher than the xbox, but otherwise, $100 savings wasn't enough to convince consumers to pick up a Gamecube.
While it was technically on the same level as Xbox/PS2, the perception was that it was a weaker console. Instead of seeing that as a problem, Nintendo seemed to embrace the idea of a weaker console. It was also weaker in online capability and disc capacity. While those two items didn't lead to the failure of the Gamecube they continued the perception that it was not a fully featured console.
I don't think the Wii was that big of a gamble. Not many people thought it would sell 100 million, but Nintendo prices their consoles to make $ day one and Nintendo is often the leading publisher so there was always some minimum number of units it was going to sell. Gamecube made Nintendo a profit and despite the Wii U looking like another Gamecube, very few people actually think Nintendo will lose money on it. The industry didn't understand the Wii at first, but people that played Wii Sports got it immediately.
I just don't get how skimping standard features will ever be a benefit to Nintendo. Price the console to make a profit and give the market what it wants. Then if you sell 20 million or 100 million you'll be okay.