Let $X$ be a Polish space and let us fix a metric $d$ on it so that $(X,d)$ is a separable complete metric space. Let $Y = X^{\Bbb N}$ be the product space endowed with the product topology. Is it true that $Y$ is a separable space? If not, would it be true in case $X = \Bbb R$?
I also wonder about a metric consistent with the product topology on $Y$. I used to think that $$ \rho(y',y'') = \sup\limits_{n\geq 1}d(y'_n,y''_n) $$ is the needed one (here $y' = (y'_1,\dots,y'_n,\dots)\in X^{\Bbb N_0} = Y$) but now I am afraid that it is not the case.
I will just comment on the metric you have come up with.
First of all, note that the formula you have provided may take value $\infty$ if the metrics under consideration are not (uniformly) bounded. (As an example, let $\vec{x} = ( n )_n$ and $\vec{y} = ( -n )_n$ in where $X_n = \mathbb{R}$ for all $n$. Then $d ( \vec{x} , \vec{y} ) = \sup_n | n - (-n) | = \sup_n 2n = \infty$.)
Secondly, note that the balls under this metric will almost certainly not be open in the usual product topology. Again taking $X_n = \mathbb{R}$ for all $n$, and letting $\vec{0}$ denote the origin, the $1$-ball about $\vec{0}$ consists of sequences $\vec{x}$ such that $| x_n | < 1$ for all $n$ (but not all such sequences, as $\vec{x} = ( 1 - \frac{1}{n} )_n$ is distance $1$ from $\vec{0}$). However, if $U = \prod_n U_n$ is a basic open set in the product topology then there is an $N$ such that $U_n = \mathbb{R}$ for all $n \geq N$. Thus the $1$-ball about $\vec{0}$ includes no basic open sets!
Any errors in previous versions of this answer are solely my fault!
Your formula does define a metric, let's call it $\rho$, on $\prod_n X_n$, though it certainly does not generate the product topology. If $X_n = [-1,1]$ for all $n$ with the usual metric, then the $\rho$-metric topology appears to coincide with the topology $[-1,1]^\mathbb{N}$ inherits as a subspace of the $\ell^\infty$-space. (A big thank-you to Nate Eldredge for pointing this out!)
In general, the $\rho$-metric topology is finer than the product topology (and they only coincide if all but finitely many factors are trivial). Some more or less simple observations are the following:
If each $X_n$ is discrete, then the $\rho$-metric topology is discrete.
A consequence of the above is that the $\rho$-metric topology may fail to be compact even if all factors are compact.
Some more basic information about this topology can be found in