NeXT was attempting to bring OOP programming to the masses, along with some really excellent for the time (and even now) rapid development tools.
Try some of the applications (FrameMaker, Mathematica, IB, etc) on NeXT. Then try the equivalents on Sun (which they were holding up as the exemplar in that audio chat), not even in the same ballpark.
They actually got very good traction in financial services and a few other areas. Just too late.
As for the hardware, they were 3 years too early for what they wanted to do. Had they held in until 1996 they could have had a fast enough machine for the price target they wanted. (Say 100mhz, 32meg ram, ~gig disk, high res colour).
Edit: Of course it turned out NeXT was right once they got a large enough market for it when they acquired Apple.