Based on the technical specs $150, even with 12 games seems like price gouging. It's not too far off the Adafruit PyBadge someone else mentioned in another comment only that comes with a color LCD and more buttons for only $35 ($25 if you get the trimmed down version). Sure it doesn't come with a fancy case and it's missing an analog crank (really?), but there's literally hundreds of free games you could get for it that I'm willing to bet are as much fun or more than every single one of those 12 free games that Playdate will include.
Sorry, this looks like a overpriced gimmick. The digital equivalent of a pet rock, or a more modern (and far more expensive) take on a tomagotchi.
Why are you willing to bet that "hundreds of free games" made by internet randos for a cheap gizmo are more fun than every single one of the 12 games made by experienced game developers?
It would entirely depend on the quality of the games, wouldn't it?
I compare it more to a subscription to Kindle Unlimited or Netflix. With the difference that once I played them all, I can even sell all the games and the device.
I'm prepared to pay 12$ for a good book. Then pointing to free books as an argument that said book is not worth 12$ is not really applicable. I am not just paying for some book, I am paying for a specific book. Like, say, there is a new book out by Neil Gaiman. I will buy that unseen, even if you tell me that I could get a free book by Somebody INeverHeardOf instead.
In the case here, I loved Firewatch and I am willing to give Panic the benefit of the doubt.