If Sony's storage solution really is as spectacular as everyone has been hinting at (upwards of twice as fast as XSX), I can't see this thing being $399 even with a 9.2TF GPU. Someone else mentioned it earlier in the thread, but if people expect Lockhart to come in at $299 while having to cut the amount of RAM, disk drive, lower clocked CPU, and a worse GPU, I don't see how just a 3TF difference in GPU is enough to cut the price by $100, especially when Sony is likely leading in other areas of the specs.
Edit: Imo, It's likely that Sony just put more emphasis on speed whereas MS focused on GPU performance. I have a feeling both will launch at the same price.