"I think it will be politically incorrect to price it below $370, which is P4/3.2 price."
Keep in mind the P4 price will drop going forward. Even if INTC has speed/heat issues they still have tons of fab space and will produce more/cheaper cpus at the same speeds going forward.
I'd look for it to get closer to the Athlon XP 3200 level which is currently around $340. Of course that's just a WAG so feel free to say I told you so if I'm wrong.