I won't be the least bit surprised if the PS4 is also $499 or even $550. I would hope Sony has learned their lesson.
Here's my favourite feature of the Xbox One: You don't actually own any of the games you buy. That's right, when the servers are shut off in X-amount of years you will no longer be able to play any of the games because your system isn't supported and can't call in to be verified. Personally I like keeping all my consoles and games so I can play them whenever I want.