$400 is pretty good price considering the PS3's RRP at launch.
Anyone saying that they'd prefer to just spend $400 on another GPU, you are missing the point entirely.
Can you play Uncharted on your PC? Journey? Killzone? Ico or the Shadow of the Colossus? Ni no Kuni? The Last Guardian if it ever turns up? The Last of Us? God of War? Little Big Planet? I could go on...
I'm primarily a PC gamer but always end up buying all three consoles over the course of their generation; being a 'master-racer' is silly; why miss out on such great titles? Those listed above are only from the Playstation platform! You also have Mario, Zelda, Halo, Gears of War, Mario Kart... missing out on those titles is silly. If you're purely into Total War or whatever more power to you; you've just saved yourself a bit of cash. But if you're a general gamer you are losing out on a lot
of awesome games.
What also boggles my mind is people saying they won't buy because they won't be able to buy pre-owned.
You do know that the pre-owned market is the single most devastating problem for the gaming industry, right? You want studios to be able to keep making games in this increasingly costly environment? You gotta pay them
then, not Gamestop! Am I happy that I won't be able to get some of my cash back if I don't like the game or simply have had my fun with it? No, honestly. But the studios gotta get paid! Am I going to be a little more hesitant about the games I buy? Sure. Will it make me more likely to pick up a multi-platform game cheap during steam sales rather then buy on console at launch? Sure.
I think $400 is a pretty good price and probably reflects the fact that they are going to lose less money to Gamestop. I hope the games are still cheap enough too though.