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The only thing about super low pricing is that I suspect books have a lower consumer saturation point compared to other media.
A consumer might buy a ludicrous number of $1 MP3s and listen to them once or a dozen times then leave them in their library. You can consume MP3s all the time, while working, while exercising, driving etc. Compare this to books - they take more time to consumer, they require attention to consumer, most people consumer far less of them compared to MP3s, TV or Movies.
So you are looking at the average consumer buying 2-3 @ $5 e-books in a month. Compared to Mp3/Movies/TV sales at places like itunes that is pretty small. Far less volume in e-book sales so the price point might have to be a little higher than what customers really think they are worth. That's why I think an e-book should be $7.50-10 (which is about £5 with exchange rates hehe).
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