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I think part of the issue is, what are ebooks competing with? Returning to the Lord of the Rings example.....are they competing with the used copies you can find in any used bookstore for just a couple of dollars (or even in the quarter bin - there's a LOT of copies of LoTR out there)? Or are they competing with the hardbacks and special editions that evidently still sell well enough to keep them in print?
At the moment, they're priced to compete with the hardbacks. I'd assume they'll follow a similar path - a year from now I suspect we'll see the 'paperback' (at least pricewise) get released.
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