Here's my logic, based on logistic and procurement work I do in a distribution and manufacturing-centric company. Once templated, these things are very easy to manufacture, especially considering that the design is largely the same as an existing product.
We do the same thing in my industry - "premium" models are priced just like that, at a ridiculous premium. Their construction costs are negligibly higher than standard units, however, the whole basis for premium items is to fatten the margin.
Looking at the current XBone controller, at a roughly $50-60 street price, there's no way that it costs 3x as much to manufacture the $150 elite. At most, it might be 2x as costly to make, especially as economies of scale kicks in... maybe a $50 landed cost/unit. So the distribution channel is probably at 30-60 points (that's fairly high) which leaves the cost to the retailer at probably $65-80. They're probably making up to 100 points on the $150 sale!
For perspective, a carbon fiber item we distribute retails for $500. Carbon fiber products demand a premium, even if they offer little actual benefit. Our cost on that $500 item, from the manufacturer is around $150-250, let's call it $200. We distribute to the retailer level at typically 25-40 points. At 40 points for us that's still a huge margin for the retailer. Add in the fact that we, like MS, enforce a MAP policy, the items keep drawing in huge margins for everyone involved, even as production costs drop.
So, yes, based on the already inflated price of the regular controller, this seems very high.
Let's be real though. A big chunk of the price is the ability to say, "I have this expensive piece of hardware- pretty sweet, huh?"
Haha, those are one of the biggest reasons I'd want it. I just wanna know if it'd be possible to hold the controller and use them with the same hand. 🙂