it is a little excessive....but, at the same time, it's not wildly unreasonable either. For a low-volume relatively custom electronic device, the price really isnt so bad. The convenience factor of not having to fumble around with gels in the dark is a big seller too. Of course it's possible to recreate everything this does using cheap gels and simple flashlights, but the same could be said about film vs digital. Convenience and innovation has got to be worth something.
I think I'm going to splurge and buy it as a totally selfish x-mas present