*I* wouldn't buy DDR2 at those prices. Maybe not even at half those prices, unless it starts making SERIOUS performance enhancements. Intel's going to fall flat on their face if they demand you pay 4x as much for memory to buy a new motherboard from them (of course, they did the same thing with RAMBUS and the P4... apparently they're not learning). Very, VERY few people besides hardcore overclockers would pay $300+ for 512MB of memory. Let's say theoretically you could build a motherboard that can run 256MB of 500Mhz memory and a 3.0Ghz P4 processor, but you have to buy it with a fixed, non-upgradable memory and CPU configuration, AND it costs twice as much as a 'normal' MB + CPU + high-end RAM. How many of these do you think they would sell? Plus, they would have to put in all the design work just for a high-end product; it's not like there's a mainstream market for something like this.
I have to believe it is something else. Motherboard design constraints?? Too high of latencies?? Inability of current chipsets to handle memory at this speed?? Need for memory to be directly connected to the cpu, similar to Opteron??
Well, it's sort of all those things, but they all affect each other. It's mostly latency issues stemming from the fact that a more generic memory controller than can take differing sizes and types of memory is slower. Also, the chips are physically further away from the CPU/controller, and are interfaced through add-on slots, rather than being hardwired into the PCB. This lowers your signal/noise ratios and reduces the maximum speed you can run at. Memory in P4 systems is connected to the FSB, and there are limits to how fast you can run *that* as well. Connecting the memory right to the CPU (as the A64/Opteron does) will help, but it's still not as good as having it physically mounted to the same circuit board just an inch or two from the CPU and building in a customized memory controller. Also, it's a LOT easier to run small memory chips fast than large ones. You might be able to coax 32MB DRAM chips to run at 400-500Mhz (and use four of them in parallel for a 128MB video card), but you're not going to get 256MB or 512MB DIMMs anywhere near that speed (at least not today).
You have to understand video cards are pushing the limits of how fast you can run memory chips -- a 500Mhz clock rate means a cycle on the RAM is only 2 nanoseconds! The fastest chip-to-chip interfaces are only a few Ghz, and those are for serial lines between simple circuits, not 256-bit parallel connections to DRAM cells.