I'd be surprised if it's not $199 on contract. Verizon will advertise this as their flagship device, and since they don't have an alternate Droid model that we know of being released with it that could be priced lower (like they did last year with the MAXX, Ultra, and Mini), $199 is the sweet spot.
Off contract, I'd guess $599, but I wouldn't be shocked at anything up to $699.
I'm actually very excited for this device.. I haven't been excited for any device, like I am this one.. There's the "joy of getting a new toy" feeling.. But this is actually the "kid in a candy store" feeling..