The price is for design and form factor - this isn't meant to be a bang:buck performance machine. It's like the Macbook Air, not a Macbook Pro.
Long battery life, more power than a netbook, super light weight, seks appeal. Etc.
I agree they're charging the 'early adopter' price though since they just came out. I bet they'll drop pretty quick to be more competitive with the Air soon enough.
--Illah