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From the consumer side, I don't see a distinction to be made between new and backlist titles. A book they haven't read yet is "new" to that particular reader, whether it originally came out yesterday or 50 years ago.
From the publisher side, it's about maximizing profits. There is a certain new cost for conversion, especially on older backlist. But there are a variety of strategies that can work for backlist---price like a new book, because it is a beloved classic always in demand (Dune, Watership Down); price as a bargain to introduce new readers and get fans to pay for it (again) in the new format; give it away for free (seen this with several where rights have reverted and the author just seems to want it in print, even if they have to give it away).
But I don't think there is a "right" price for backlist. It just depends.
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