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A few thoughts on this....
First, I find it a bit odd that there is a perception that agency pricing is illegal, despite the fact that paper prices are essentially set the same way in most of the EU. E.g. France's "Lang Law," where the publisher sets the price and retailers cannot discount it more than 5%. In half of Europe, publisher setting the prices for paper books is not only legal, it's mandated by law. (The UK does not have a Lang Law btw)
While I believe that protest sites like "Lost Book Sales" may be one of the more effective methods of registering discontent, there is a question of whether or not the publishers ought to pay attention to the point where they either surrender agency pricing or just lower the prices on new books.
If the contributors to Lost Book Sales are in fact the early adopters and frequent book buyers, then that's an important segment. If they are cheapskates who won't be satisfied unless brand-new ebooks are €4, then they may not be important at all. (An open secret of retail is that sometimes, yes, the customer is not only wrong, but that not every single customer is worth having.) If the site is not drawing any notice, as indicated by operating for a few months and has 1300 lost sales listed, then why bother?
It may not help their cause that ebook sales in the US went through the roof in the US in 2010, despite 5 out of the 6 big publishers using agency pricing for most of the year.
On a side note, it's worth mentioning that the EU investigation may not be going against agency pricing per se, rather targeting alleged collusion to fix specific prices -- a claim for which there is currently no evidence, as the EU agency itself admitted.
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