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Revolution will be under $300

Says Iwata himself.

So, it's finally here - the year that will see the battle of the next-gen consoles truly get underway as Sony and Nintendo throw their shiny new consoles into the ring. But since launch details have yet to be announced, there's still no telling exactly when it'll all kick off or how much it'll all cost.

That hasn't stopped even the biggest of bigwigs dropping tantalising hints, however. Sony's Ken Kutaragi has been banging on for months now about how the PS3 will be hugely expensive but we'll all want one anyway, and now Nintendo president Satoru Iwata has taken a different tack.

Speaking to Yahoo Japan, Iwata confirmed rumours that the Revolution will carry a price point below that of the PS3 and Xbox 360. In fact, he specified that it will cost less than the price of a 360 Core system - which retails for $299 (around £170) in the US.

This is hardly jaw-dropping news, since it's often been suggested that the Rev will undercut its rivals - but it's nice to know that at least one next-gen console will be of the affordable variety. Happy new year!