I think it is a reasonable price, they have cut out all the ports with high quality, silkscreened port names onto it, and even put in light tunnels for the onboard LEDs. All that setup and new molds isn't free.
If you want to save money you can just buy the [url http://www.polycase.com/ag-43
]AG 43 Case[/url], and then cut out the ports yourself. Seems like a fine deal.
That said, I would like a plain "square" case with equal size halves and curved edges for the RasPi if it was going to sit on desk or by a TV.
Word on the street is that they will sample you a case for free (not the slick RasPi ones, but the regular ones, AKA the AG-43). I bet you will come back for more if you are building a lot of stuff.
I personally am going for the AG-85 (5" x 7.5" x 1.75"), and a 5" LCD screen and Li-Ion battery pack with a USB Wifi, my Pi is going to be portable and have video game controls like a giant Gameboy Advance. Planning to run RaspBMC for a really nice Media Player
Go PolyCase! Highly Recommended.