Excited about the release of the new Wii U console? Be prepared to fork up at least $300 for the new console that is said to be released for November. Nintendo has historically released the Gamecube on November 18 and the Wii on November 19, making the suggested date consistent with Nintendo’s past systems.

The Wii U has been criticized for the system’s lack of graphical power and it was said that it won’t be comparable to the current consoles already out there. The tablet controller is said to have an “economical GPU and CPU” that is comparable to the current consoles but cost-effective enough to maximize profits.

Other rumours have stated that Wii U could be anywhere between twice as powerful as an Xbox 360 and similar in power to Xbox 360.

?Cutting production costs to maximize profits is Nintendo?s main concern with the Wii U. They are cutting costs in the Wii U?s hardware to build back confidence in investors. Nintendo wants investors to view Wii U as a less risky proposition,” according to Forget the Box’s source.

Rumors have suggested that Microsoft and Sony might be dropping the prices of their respective consoles this holiday season to combat Nintendo?s Wii U. The 4GB Xbox 360 (without Kinect) currently retails at around $200 in most stores, and gaming industry analysts are predicting a price drop to $150. If Nintendo chooses to go with price tag of $300 or higher, it will be interesting to see how the Xbox 360?s holiday sales will compare to the Wii U. Especially with Microsoft planning a massive ad campaign for Halo 4 this holiday season.

Nintendo is expected to announce release details for Wii U at E3 2012 this June.