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To me, DRM'ed e-books feel less tangible to me as a "thing that is mine". That is why I prefer to pay coffee prices for them.
On the amazon buying agreement it states that I'm not buying a book, but a license to read on my amazon reading devices. (cloud, desktop, kindle). If I am paying "you own a book" prices for something that lacks the stability of a physical book, then yes, I do find it to be "too expensive.".
Even in a Starbucks, I can hand them my travel mug and they can put the coffee in that. I can drink it at the establishment itself, or take it to go. It wouldn't be illegal for me to dump my Starbucks coffee into a Tim Horton's Travel mug (in fact they've served it to me in one). Yet, it goes against the license agreement for me to 'free' the e-book to stick on a Kobo or other reader.
E-books sold with that much restriction attached to them need to be much lower to entice the buyer. It's why I will snap up the Kindle freebies in a heartbeat, but will happily pay $10 or more for the same titles in physical format.
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