A report by analyst Compete has revealed that 73% of current-gen console owners believe the PS3 is too expensive.

ps3 final hardware 1 - Prospective PS3 owners in for price...

The report, which was carried out during October, surveyed active current-gen console owners about the upcoming next-gen offerings. One startling revelation is that 48% of those thinking about buying a PS3 believe that the console will only cost $300, not the $499 and $599 price tags the two SKUs will retail for.

Once informed of the actual price, 60% thought that the price was too high. Including all the people surveyed, 73% felt that the PS3 price is too expensive.

Talking only to PS2 owners, 63% said they might buy a PS3. When asking Nintendo GameCube owners the same question about the Wii, only 39 percent said they were considering a purchase - an equal number of GameCube owners said they might buy a PS3. This is certainly a worrying percentage for Nintendo, especially given that Nintendo is considered to have the most loyal fan base of all the platform holders.