This is true.The price is fine for the hardware they offer, it basically obliterates the iPhone 4S in most departments and we all know how much cost an iPhone 4S.
And it still doesn't matter.
There is one very important rule regarding handhelds that was established more than 20 years ago and is still true today: "Graphics are nothing. Price is everything."
I don't really understand why Sony put its money yet again on a high-end handheld. The market has changed, and if anything I believe that a high-priced dedicated handheld system has it harder today than in the past ("But the iPhone is more expensive!", yes, but everyone gets his smartphone with a contract). In the longterm Vita might have the advantage that it will not feel old as soon as the 3DS, but if Sony needs to 'ressurect' the Vita first some years down the road I'm not sure if that really pays off.