That's one thing. The other is price. Consoles can be sold at a loss, particularly early in their 10-year cycle, when early on the loss is high, but close to the end of the cycle the loss is minimal, and so they appear much cheaper.
I've never considered that my old 360 was probably sold at a loss, knowing I'd buy LIVE and all the games they take a cut/license fee off of, but that makes complete sense to me
1. They are testing what the market will bear. Ubisoft's silly "quadruple-A game" rhetoric and executives saying "people will have to get used to $100 games" is them testing the water. This should pull back, as most people don't want games that cost that much, unless they're really amazing. They aren't (currently). I imagine this same thinking is going on in hardware-land.
2. Current RAM/GFx card prices are driving up prices all round. It should still be true that for the same spec, console components should get cheaper over time, but I can imagine it's less of an effect at the moment with all the AI data centres hoovering up manufacturing capacity.