The trouble with this argument is you are basing the cost of the repair on what Apple charges, and Apple's prices do not reflect reality.
A 80gb hard drive for >$200?! Wow... if there is a 400gb 2.5" hard drive I think $250 should be more than enough to buy it, because you can buy real bonafide quality 120gb hard drives complete with 5 year warranty for like $130 or so. $150 to replace a hard drive? Depending on where you live, some countries may have cheaper labour.
I really don't think it takes enough intellectual property and training that changing that hard drive costs enough to pay an American burger flipper for the entire day.
In short, Apple's prices are there for show. Nobody actually pays for them. Very much what happens in various government agencies and in the military, you see invoices for huge $$$$ purchases and money changes hands from one department to another, but get real, those numbers are just for show.