When will it be, then?
The system can be gotten like new for $200 with Nintendo Land (via the refurb). You can find brand new bundles for $275 or less depending on the source.
It's not like video game consoles typically drop into the $100 range so the current lower-end price points for the Wii U are what we should expect it to stay at for a while.
The system has probably 10 worthy exclusives, if not more. It's also fully backward compatible with Wii. And looking at the Virtual Console, while not all of the Wii's VC games are playable in the new OS with the new functionality, they are still there via Wii Mode. And the Wii U VC itself has exclusive content too, such as games like Earthbound and, you know, the entire GBA VC which is really well done. When will it pass the threshold of being worth the price?
Third party content is suffering, but at least a lot of the best indie games are available on Wii U.
If you're not a Nintendo fan then the system isn't worth it, probably. But I've always considered that the case with Nintendo systems. If you like Nintendo games then, in my opinion, the Wii U is easily worth it, especially if you're paying in the $200-$275 range. Even I was a bit iffy on the MK8 bundle that was $320 or whatever, but there are plenty of better-priced options out there now.