Citing unidentified sources, Mike Gwilliam of the Forget the Box media collective has reported that the full bill of materials for the Wii U comes to about $US180, with roughly $US50 of that going to the controller. As Nintendo calculates labour, marketing and other costs, we're to expect a machine costing no less than $US300 at retail, Gwilliam reports.
His sources speak in deep specifics, so I greatly recommended visiting the full article to read and judge it for yourself. Of note, though, Nintendo is said to be greatly concerned "with cutting production costs to maximise profits," says one of the unnamed sources. "Nintendo wants investors to view Wii U as a less risky proposition." As well they should; Nintendo's stock price is at a seven-year low and its president, we assume, still is working at a half-off discount following the 3DS' poor launch.
As for the $US300 price, Forget the Box notes that many costs can pile up, such as software, shipping, packaging, among others. So again, $US180 is just the raw parts cost. See the link if you want specific prices on the new console's components.
Rumor: Wii U's Total Bill of Materials Estimated at $US180 [Forget the Box. h/t Deer Huntress]