This cycle is different. Prices have increased for both Sony and Microsoft’s consoles and no higher efficiency versions have been released (ala the PS3, X360).
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.