Yes, it's very expensive. But that's not the whole story:
I live in São Paulo and there is a place called "Santa Ifigênia" that is something like Chinatown in NY. It's where we can buy games/hardware from stores who imports these stuff mostly from Paraguay, altought they began to sell official products too.
People who import games from Paraguay or from anywhere else - like me, who buys from mariio128.com, Play-Asia and hkofferhouse, usually don't get taxed. I was NEVER taxed buying game from these websites and I have more thatn 50 games that I bought in the last 3 years (since I stopped to use piracy).
Almost all of my consoles (NDS, 3DS, PS3, XBOX 360, WII, PSP) were bought in the US by my friends/boyfriend, so, I'm very lucky and have paid the same thing that you guys, pay in US.
We can bring 500 U$$ in eletronics product from USA without paying taxes, but it's very common people to bring TONS of stuff without being taxed - in his last trip, my boyfriend bought himself a Laptop, Xbox 360 and a TE Arcade Stick, a Wii for me and a PS3 for his nephew... and guess what? He didn't "get caught" in the airport, so, no taxes (only US taxes).
That said, the Wii U console is new, it's REALLY rare to find here and they will send for the highest price possible until christmas. Because there's some CRAZY people that will buy!
So, just for comparison:
Xbox 360 4GB + Kinect + Kinect Adventures + Disney shit game = R$ 1200,00 =~ U$$ 600,00.
Ok, it's expensive, but we are talking about our "formal market". We can buy a "naked" Xbox 360 4Gb for 600-700 reais, 300~350 US dollars. It IS expensive, but it's not THAT expensive.
So, this price WILL NOT be the Wii U price in Brazil (at least we hope so) for a very long time, I bet they will launch the Wii U for something like 1600 reais (800 dollars). It's expensive, bu ti's not like 2100/2300 (8gb/32gb) that we are seeing around.
It's bad, but could be worsE:
The PS3 was first selled here for 2700 dollars - with 4 PS2 games =P
(The currency was very different at that time, U$$ 1 = R$ 3, now it's U$$ 1 = R$ 2).
The happy part is that I'm going to NY (first time in US!) next february and I will bought my Wii U "cheaper" hehehe