Well if it's not worth the money they are asking then people wont buy it. Let the free market, and competition, determine what the price should be. Regardless of the cost, some people think it's "not fair" to pay a certain amount over the costs of the device.
Eventually the cost will come down due to competition.... so just wait a few my friends, this isnt water, milk or bread, it's the latest in technology meant to be a luxury. Anyone is free to go buy the components themselves, write their own software, and put together the equipment and sell to the masses if they feel they can do better for cheaper. And companies will!
Also something that I didnt see mentioned here is the cost in marketing. To get people to *WANT* the phone enough money has to be pumped into commercials, advertisments, market research, sales etc...