I haven't bought a lot of e-books recently, but the agency model has little to do with it. First, it only applies to English language books. French e-books were already overpriced and that hasn't changed

Also, English-language new releases had mostly stopped being available to me because of geographical restrictions anyway. I did make a few purchases in non-geo restricted stores, at a slightly higher price than FW or BoB.
I wouldn't buy an e-book at $25, but for new releases it doesn't really bother me, because it was the same with paper books. I hate hardbacks and almost never buy them. Waiting for the paperback or waiting for the price to drop isn't very different - provided the price does drop, and that has been my main gripe with prices so far. In France, books that are available in paperback (sometimes have been for more than 10 years) are sold at the price of a first edition, and they even have the nerve to claim that we are saving money, because the e-book is a few cents cheaper (than the most expensive edition of course, not compared to the paperback)
Another thing that is keeping me from buying is the DRM hurdle. French books are mostly available in Adobe ePub, and I still haven't figured out how to install ADE and register it, let alone strip the DRM. In itself it shouldn't be such a problem (I could figure it out if I tried hard enough), but combined with the outrageous prices, forget it, I'd rather download free books.