Currently, a BR player costs 1000$ and the 360 costs 399$ w/HD. By the time the PS3 is released, they are probably going to be 500$ and 299$ respectively, making the 499$ PS3 a steep but fair price.
As for the 599$ PS3, I can't see the point. Noone moves a console around much, so wi-fi is minor; the memory sticks are almost useless, 'cause you can save games on HD or a USB pen drive; and HDMI is useless to anyone that doesn't have an ultra-costly TV and not a big enhancement for those who do. Then again, anyone who owns a HDTV probably won't care much about paying 100$ more. The only real reason I can see for getting the 599$ one is for the larger HD, and then only if downloadable commercial-quality games become a major factor.
499$, though, is quite reasonable given the content: a gaming machine better than any PC you can buy at that price, plus a very costly video player. Sony is probably subsidizing about the same amount that MS is, maybe a little more.
This doesn't change the fact that it's a lot of money, and that I really hoped for 399$ even if I knew it was unlikely. They will still sell their entire production in November and December at least, and they know this full well; this makes the high price a rational move.
I think there is a good chance they cut the price very soon after launch, possibly as soon as they start not selling their entire production; the new 65nm chip fabrication process should cut costs, and those expensive BR drives should get cheaper quickly too.
At least the reports claiming 800$ have been proven for the bulldung they were.