The price is not unreasonable: it is a new product for early adopters who wants to be regarded at the forefront of technology (though realiticly, the Librie owners beat them to it). They should pay for this pleasure of having a relatively low-res, monochrome display and all the early bugs.
But it certainly looks like a very nice product and is at one level very tempting; however, I have long ago decided that it is more important to me that my ebookreader is pocketable than that it has a perfect screen.