Honestly, yes it is - but a lot of people don't think that way about it. Also, with inflation, it's not actually that much more than the PS1 was over a decade ago. And regardless of how much it's really worth, if people don't think it's worth the money, they won't sell as much as they'd like.
However, given how consistently Nintendo has smurfed up for the past decade and come up smelling of roses, I'm giving Sony some benefit of the doubt, just for the sake of balance.





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