The xbox 360 and ps3 were sold at a loss due to being able to get their money back on royalites. However, neither MS nor Sony were willing to do the same this gen. They wanted to make a profit on their hardware. While of course not 100% comparable, with past peripherals, both always sold with a profit afaik.
Why should they change all that with morpheus? They won't be able to collect as many royalties as they do by getting a console into someones home. I can't see them making their money back purely by royalties by having 10% of their userbase buying morpheus (and I think this is generous in the long run).
Bottom line: This is a company that wants to make money. I don't see any other way for them to make money with this other than to profit from the hardware itself. That's why
I still think this is kind of like a kinect approach. Let's test the waters with this thing this gen and have an improved successor ready for launch next cycle and go big with it then. Contrary to Kinect, I do believe though that morpheus will be awesome and will probably still be there day one, even for 349.