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I think they should've done one around the Nexus 5 level in terms of specs, and since it's coming 9 months later, it should cost like $299, or even $249, while still having that great camera. And sell it worldwide, unlocked. I think that would've been a much better strategy for them. The phone itself already is around Nexus 5 level, but with lower res screen, cheaper components except for the camera. Then take out those 4 cameras and AT&T's cut, and it should've been very doable.
At $200 on contract, or $600 unsubsidized (not even unlocked), it makes very little sense to buy one just for that parallax effect, which will be cool for like 2 days, and then you'll get bored with it.
All of the tech is neat, but the reaction is more "cool gimmick", not "must have feature". And at that price, "cool gimmick" is not a phone seller. Samsung can pull that off because they pour an insane amount of money into marketing, and have spent years developing the brand to this point. To price yourself at that level, with no market share, competing with gimmicks, seems insane.
The next big winner in market share is going to be someone like Motorola, cheap, great and simple phones, not a new Samsung.