I have no idea why you would think that. The next generation of consoles is well overdue, and from what we know, they will be very powerful and flexible hardware. I'm quite excited for it, if only to see how they will push gaming technology forward and make it easier for independent developers to publish for consoles.
Prices seem in line with the previous generation, so where's the rip-off?
£400 ($620) for the console is pretty steep, regardless how we try to account for inflation. The Xbox 360 launched in the UK a good £100 cheaper, as did the PS2 and Xbox original. The PS3 in the last/current gen was the exception rather than the rule with it's unholy price tag.
For me, these prices have crossed that imaginary threshold that I consider to be reasonable. It could have a special button that ejected naked ladies, and I'd still consider it too expensive. It could have all the best engineering in the world under the hood, but the benefits I'll get as a consumer aren't worth £100 by any stretch. The price tag, for me, simply isn't worth it.
There's also probably an element of the fact that I'm somewhat spoiled being part of the glorious PC gaming master race where I still pay between £10 and £30 for games, and don't have to buy the console at all*.
* I'm aware that I have to buy the PC, but I do much more with it than simply game, and it'd cost nearly the same price if I didn't game on it.