I watched them slash the 3DS price and send out ambassador games after just a few months when initial sales were soft, so it's possible. Unless it hits their bottom line though, they won't budge.
Personally, I don't think the console is too expensive for what it is, though it will initially limit or slow adoption because some families will find it too expensive (and certainly too expensive to get multiples for multiple children). The game price increase is what's really going to come back to bite them, if anything does.