Will Xbox One X Become The New Phat PS3?

Xbox One X (Courtesy of Bright Titan)

History of PS3

     Back in November of 2006, Sony launched it's original phat PS3 at the starting price of $599 and $499 with backwards compatibility. It was the first console to feature Blu-ray technology in it's disc, it featured a state of the art cell microprocessor which was supposed to be able to extend the lifespan of the console although devs had issues making games run on the custom made hardware. The console had a lot of processing power behind it however it's dismal sales were due in part to Sony's OEM custom made processor being costly to produce and the other technology built in to it which expanded the costs. 

Economic conditions in the U.S.

     In the year 2006 things were more affordable, The market recovered from the tech bubble burst and employment was pretty good. People had a decent amount of cash leftover to spend back then. Fast forward to 2007 and 2008 and recession warnings were going off then the financial crisis of plunged markets.Despite "expert" media pundits saying "everything is recovering" and we have been seeing the opposite is happening (see chart below). This chart is based in 2014 however I imagine it's worse considering reports like this and this.

Disposable Income in 2014 (courtesy of Zero Hedge)

Xbox One X announcement and conclusion

      Xbox Scorpio features 12gb of ram, A Six Teraflop GPU (similar to GTX 970 and RX 480), a Overclocked AMD CPU, The first and sole console that features Dolby Atmos audio and AMD Freesync, HDR, native 4k support and more. This is a top of a line console however with all of this included, the issue at hand is cost and with economic conditions still at a stand, Microsoft wants to ask you to put down $500 for their state of the art console which I feel is wishful thinking on their behalf. This historical comparison of this being State-Of-The-Art and holding the price point at $499 like it's PS3 Phat ancestor combined with economic logic points for me to predict initial sales will stall until a price drop occurs.